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.
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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