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First Time Buyer

First time buyers still rely on their parents

According to research posted on the Mortgage Strategy website*, First Time Buyers still rely heavily on financial help from their parents to buy their first home. The research showed that 50% of those looking to buy their first property would be unable to afford it without help from their Mum and Dad.

What this means for First Time Buyers

Adam Nanson, Impartial Mortgage Adviser at Your Mortgage Expert comments:

“It is clear from this research that First Time Buyers are still struggling to get that first step on the property ladder. It shows that many First Time Buyers expect to pay nine times their average earnings in order to pay for their first home. And latest research by the Yorkshire Building Society has found that the average cost of a First Time Buyer property is £222,997 which is up by 9%.

“Clearly, without a substantial deposit, this is going to be unaffordable without outside help. And, this is why many First Time Buyers are turning to their family for help.”

How Your Mortgage Expert can help

Adam Nanson continues:

“The most important thing for those looking to buy their first home is to understand what they can afford. Part of this is doing some research into the properties available in your area. And, part of this is speaking to an impartial mortgage adviser like Your Mortgage Expert.

“A mortgage adviser will be talk you through your financial situation and help you understand how much you need to save for a deposit. We will also guide you through the other options available to help financially such as the Government’s Help to Buy Equity Loan scheme or Shared Ownership schemes. We also know what lenders will give you a mortgage even if you only have a 5% deposit.”

We understand that getting that first foot on the property ladder can be difficult. But, Your Mortgage Expert is there to help you every step along the way with expert first time buyer mortgage advice.

Not only do we have access to the current deals on the market, some of which are not available to First Time Buyers directly. We also have extensive knowledge of all the current Government schemes designed to give you a helping hand.

By speaking to Your Mortgage Expert, you’ll get access to expert advice to help you work out how much you can afford to borrow, what your repayments would be and what type of mortgage is most suitable for your personal circumstances. And, if you need it, we can break down all the jargon so you understand whether to opt for a tracker mortgage, fixed rate mortgage or something more flexible.

We don’t charge for the initial consultation, so by speaking to us, you are under no obligation. So why not get in touch for expert first time buyer advice and take that first important step. We are based in Salisbury, Wiltshire, but we can help you no matter where you live in the UK.

Simply call us on 01722 322683 or complete a contact us form on our website and tell us when it would be best to get back in touch with you.

The information contained within this article was correct at the time of publication. It is intended for information only and does not constitute advice. Your Mortgage Expert Ltd and Mortgage Advice Bureau 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.

*source: https://www.mortgagestrategy.co.uk/news/half-of-first-time-buyers-looking-to-bank-of-mum-and-dad/

**source : https://www.theguardian.com/money/2022/jan/04/uk-house-sales-first-time-buyers-highest-nearly-20-years

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