98% Can’t Afford to Buy! | Mortgage Market Update

With interest rates shifting and affordability under pressure, this episode offers some perspective into why so many people still can’t get onto the property ladder and what’s changing in the mortgage world right now. Phil Spencer is joined by Charlotte Harrison, CEO of Homes at Skipton Building Society, to discuss the current market conditions, why demand from first-time buyers remains strong, and why research shows as many as 98% of young adults living with parents still struggle to afford the average first time buyer home in their local area.

Chapters

00:00:00 Introduction
00:00:39 Current state of the mortgage market
00:02:00 Are interest rates historically normal?
00:02:47 The real cost of homeownership today
00:03:45 Skipton’s Affordability Index explained
00:05:29 98% can’t afford to buy in their local area
00:07:14 Innovative mortgage solutions from Skipton
00:09:11 Partnership with Move iQ for first-time buyers
00:10:29 How building societies differ from banks
00:13:14 Top tips for getting a mortgage today
00:14:28 Advice for existing mortgage holders
00:16:26 Future of interest rates and mortgage innovation

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