Archive: First Time Buyer completions still higher than before the crash in 2007
According to data from Your Move and Reeds Rains*, the number of properties sold to and completed by First Time Buyers remains higher than before the credit crisis in 2007.
In fact, in August and July 2015, there were 30,200 completions by First Time Buyers in each month which is 27% higher than the in May 2015. This was reported in What Mortgage on 29th September 2015.
What this means for First Time Buyers
Adam Nanson, Managing Director of Your Mortgage Expert comments:
“Although the number of First Time Buyers remains high, the costs associated with purchasing continue to increase. In fact, according to the Your Move and Reeds Rains data*, the average cost of a First Time Buyer property in August was 2.9% higher than in May.
“This could largely be due to the perception of a more stable economy but could also be a reflection of purchasers wanting to take advantage of low interest rates while they have the chance.
“However, with the cost of First Time Buyer properties increasing, First Time Buyers need to be really clear on what they can afford and what their budget is prior to house hunting.”
How Your Mortgage Expert can help
Adam Nanson continues:
“At Your Mortgage Expert, we have a great deal of experience with helping First Time Buyers get onto the property ladder. It can be confusing purchasing a property for the first time and we can help demystify the process and let people know what sort of mortgages are available for First Time Buyers. We can also advise on the Government’s Help to Buy scheme if this is of interest.
“We don’t charge for an initial conversation. So First Time Buyers can come to us and we will give them all the information they need to be confident of the house buying process. We handle everything from liaising between the lender and the estate agent, submitting the application, getting a mortgage in principle agreement and we can even put you in touch with a solicitor if that is required. Essentially, we aim to take all the hassle and stress out of the home buying process which can be a real help to First Time Buyers.”
Your Mortgage Expert is across the market and independent which means we know all the current deals and can make the most appropriate recommendation for you based on your circumstances. Some of the deals may only be available through independent advisers. We can review your circumstances and give you the best mortgage rate advice based on your affordability.
To speak to Adam Nanson about your next mortgage, ring him now on 01722 322683 or complete a contact us form and let him know when he can call you back. We don’t charge for an initial consultation, so by speaking with us, you won’t be under any obligation. To find out more about our services and how we operate, visit our about us section.
The information contained within this article was correct at the time of publication. It is intended for information only and does not constitute advice. TenetLime cannot be held responsible for information that was correct at the time of publication but subsequently changes or goes out of date due to changes in legislation. For further information, contact Your Mortgage Expert on 01722 322683.
A MORTGAGE IS A LOAN SECURED AGAINST YOUR HOME. YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE OR ANY OTHER DEBT SECURED ON IT.
Source: Your Move: https://www.your-move.co.uk/blog/september-2015-first-time-buyer-tracker