Many young people across the country are looking to move out of their home and into a place they can call home. Whether that is a two story flat overlooking the Thames, or a simple cottage out of town, finding a first home is a memorable experience. Finding a first spot on the property ladder used to be a goal for young people and those simply wanting to find a way out from under the bank of mum and dad. Now, those efforts are finding great resistance due to struggling wage growth, low numbers of available property, and cost increase in everyday items.

Many housing experts see the remedy to trying to find another place on the property ladder is to consider remortgage. This could be a consideration of the parent’s home. With a remortgage, most home owners are able to find a much more favourable deal in the form of a mortgage package which better suits their situation. This better deal could be one with the existing lender or a brand new lender.

Those seeking a remortgage are likely to find a fixed rate deal with an extremely low interest rate connected, as well as low administration fees and affordable closing costs.

The meaning of reaching various rungs of the property ladder is changing each day. Economic factors within the UK housing market are making the process of reaching the ladder a new experience entirely.

The average age of a first time buyer reaching the property ladder is now 32. With that in mind, anyone purchasing property at that time for the first time will be paying on it through the years of retirement and beyond. Remortgage of a property could be a viable option to many, but first they must find a way to obtain that first property.