The first rung of the UK housing market property is becoming harder to attain for many, especially those young in age. The age group 25 to 34 has been affected by the latest interest rate hike moving from 0.25% to 0.5%. In a recent study by eMoov, almost 60% of the age group claim they have been deterred from moving up the property ladder by the recent hike. The study also revealed that almost 20% have been put off from the sale of a property, and 13% have placed the purchase of a property on hold for now.

The hike in interest rates, among other factors, has affected the ability of any age group to effectively reach the property ladder of the housing market. It has also greatly affected the optimism young buyers have for becoming property owners in the near future.

Reaching the property ladder is typically among the top goals for young people, whether they are involved in a relationship or not. It is the total expression of freedom and demonstrating the ability to live life as an adult and make adult decisions.

The property ladder also represents the opening act in a series of lifetime choices which carry more weight than any others. After completing the monumental step of reaching the first rung, either moving home or a remortgage comes next in line. Currently, many people, both young and old are taking advantage of the benefits a remortgage can provide.

Remortgage is helping home owners save money and giving them access to cash which is sitting idle as home equity. This cash is making it possible to start home renovations, pay off old debt, or take a much needed holiday.

The accomplishment of obtaining a remortgage is only possible by reaching the first step of the property ladder which in recent years has become more of a challenge.