Call us today: 01722 322683

CONTACT US

First Time Buyers taking longer to get onto the property ladder

First Time Buyers are waiting longer than expected to get onto the property ladder. As a result, they are also planning to stay in their first home for longer. The research from Clydesdale and Yorkshire Banks is part of their Annual First Time Buyer’s Survey and found that almost two thirds (65%) of those surveyed had to wait longer than they hoped to move into their first home.

The difficulty getting on the property ladder means that the majority of new homeowners plan to stay in their first property for a number of years. The largest percentage (21%) plan to stay for between four and five years with nearly a fifth (19%) having no intention of moving from their home for 9 to 10 years.

What this means for First Time Buyers getting a mortgage

There has been a slight improvement year on year regarding the length of time First Time Buyers are having to wait to get onto the property ladder. This means that the situation is improving. Add to this the fact that Mortgage rates are currently at an all-time low as many lenders are fighting it out to offer borrowers the best deal. In fact, annual payments on a typical £200,000 mortgage are now up to £1,400 cheaper than they were this time last year.

This means that now could be a good time for First Time Buyers to investigate how much they could afford to borrow and to make those all important steps onto the property ladder.

How Your Mortgage Expert can help

Adam Nanson from Your Mortgage Expert comments: “Given the amount of deals there currently are on the market, it is more important than ever that First Time Buyers do their research to ensure they are, not only getting the most suitable mortgage rate, but also getting a mortgage that they can afford. Especially with many First Time Buyers looking to stay in their first home for longer.

“This is where we can help. We are whole of market and independent which means we know all the current deals on the market and can make the most appropriate recommendation for you based on your circumstances. Some of the deals may only be available through independent advisers like us.”

To speak to Adam about what sort of mortgage you can afford, ring him now on 01722 322683 or complete a contact us form and he will 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 should not be used as a basis for purchasing any products. We cannot be held responsible for something that was correct at the time but subsequently changes or goes out of date. 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.

By clicking on this link you will be departing from the regulated site of Your Mortgage Expert Ltd. Neither Your Mortgage Expert Ltd nor TenetLime are responsible for the accuracy of the information contained within the non-regulated site.

Source 1: http://www.moneyexpert.com/news/first-time-buyers-wait-longer-than-expected-get-property-ladder/800583349
Source 2: http://www.dailymail.co.uk/news/article-3078711/Boost-homeowners-time-buyers-mortgage-rates-slashed-new-record-lows

Monday to Friday: 9am – 5.00pm, Saturday and Sunday: Closed

We will use your name, email address and contact number (‘personal information’) to contact you about the services you have requested or respond to an enquiry you have submitted, which will require us to share your personal information with financial institutions who can assist in the provision of financial services to you including product providers, lenders, banks, insurers, fund managers, platform providers and third party para-planners. For further information on how your information is used, including disclosure to third parties, how we maintain security of your information and your rights in relation to the information we hold about you, please see our Privacy Policy: https://your-mortgage-expert.co.uk/about-us/legal-privacy-information/

Your Mortgage Expert is a trading name of Your Mortgage Expert Limited which is an appointed representative of Mortgage Advice Bureau Limited and Mortgage Advice Bureau (Derby) Limited which are authorised and regulated by the Financial Conduct Authority.

Registered Office Address: 18 New Canal, Salisbury, England, SP1 2AQ. Registered in England Number: 08924507.

Sorry to see you go

Please note, by clicking on the link you will be departing from the regulated site of Your Mortgage Expert Ltd. Neither Your Mortgage Expert Ltd nor Mortgage Advice Bureau are responsible for the accuracy of the information contained within the non-regulated site.

NO, GO BACK