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If you’re covering the recent figures on help to buy please see the following comment from Gemma Harle, Managing Director of Intrinsic’s Mortgage Network. Gemma notes that while the numbers are encouraging those who use the scheme need to be conscious of the long term implications.
“More than 420,000 people have now used the government’s Help to Buy scheme, an encouraging figure given the increasing challenge for younger generations looking to get on the housing ladder. The average first time buyer in London had to save 109% more in January than the English average, according to figures from the Office for National Statistics. This is despite London prices growing 2.1% year on year, compared to the English average of 4.4%.
“Those who utilize Help to Buy need to think about the long term implications. Only some lenders accept a remortgage application from Help to Buy borrowers looking to switch from another lender, limiting the options of homeowners looking to reduce their monthly outgoings.
“Having a financial plan in place is crucial and getting professional financial advice and guidance can help the prospective first time buyers think through the options available to them and what these options mean in years to come.”
Intrinsic is part of Quilter plc, a leading wealth management business in the UK and internationally, helping to create prosperity for the generations of today and tomorrow.
Quilter plc is a leading wealth management business in the UK and internationally, helping to create prosperity for the generations of today and tomorrow.
Quilter plc oversees £116.5 billion in customer investments (as at 30 June 2018).
It has an adviser and customer offering spanning: financial advice; investment platforms; multi-asset investment solutions and discretionary fund management.
The business is comprised of two segments: Wealth Platforms and Advice and Wealth Management.
Wealth Platforms includes the Old Mutual Wealth UK Platform; Old Mutual International, including AAM Advisory in Singapore; and the Old Mutual Wealth Heritage life assurance business.
Advice and Wealth Management encompasses the financial planning network, Intrinsic; Quilter Private Client Advisers; discretionary fund management business, Quilter Cheviot; and Quilter Investors, the Multi-asset investment solutions business.
The Quilter plc businesses are being re-branded to Quilter over a period of approximately two years:
This press release is for journalists only and should not be relied upon by financial advisers or customers.
Please remember that past performance is not a guide to future performance. The value of investments and the income from them can go down as well as up and investors may not get back any of the amount originally invested. Exchange rate changes may cause the value of overseas investments to rise or fall.
This communication is issued by Quilter plc. Registered office: Millennium Bridge House, 2 Lambeth Hill, London EC4V 4AJ, United Kingdom. Registered number: 6404270. Registered in England.