Technology is always evolving to streamline our everyday lives. In every walk of life, there is a constant progression in how technology is used to make common practices run more smoothly. The mortgage sector is no exception. Open banking offers a customer-centric experience as it focusses on reducing the time and effort needed from you. With more and more processes being moved online – open banking limits the need to visit an actual bank and allows banks and budgeting apps to securely access your financial data – helping you save, budget and get on the market as efficiently and securely as possible.
Between 1996 and 2016, the percentage of 25 to 34-year-olds who own their own homes has fallen 19% from 55% to 34%. In a bid to combat this, prime minister Boris Johnson has set out plans that include proposals for housing benefit being able to be counted towards a mortgage. The prime minister vowed to “turn benefits to bricks”, saying it is unfair that homeownership is dominated by over 65-year-olds.
After a global pandemic forced us all to stay inside, many of us decided to make ‘inside’ a nicer place. During the national lockdown, 61% of homeowners put their skills to the test and tried their hands at some DIY home improvements – resulting in an estimated £21.3 billion increase in the value of homes in England. Homeowners spent over £11 billion on various projects during the course of the pandemic, and many have more than broken even with the added value to their property – but what affect does ‘doing it yourself’ have on your home insurance?