According to latest figures from Your Move & Reed Rains, purchases by First Time Buyers have reached a 2-year high. In fact, in April this year, there were 32,300 First Time Buyer transactions recorded which was a 50.7% increase from February 2016. This was reported on the Mortgage Introducer website in May*.
What this means for First Time Buyers
Adam Nanson from Your Mortgage Expert comments:
“There’s often a great deal in the press about people struggling to get on the property ladder, so it’s positive news that purchases by First Time Buyers are increasing in number. This new follows on from an article we wrote in December about the record high levels of purchases by First Time Buyers so hopefully this is an ongoing positive trend.
“The slight downside to the news is that First Time Buyers are spending more to get that all important first step on the property ladder. The research by Your Move & Reed Rains also found that First Time Buyers spent, in April 2016 on average, £168,656 on their properties which is a difference of £20,175 on the previous year.”
How Your Mortgage Expert can help
Adam Nanson continues:
“We regularly deal with people who speak to us about getting a First Time Buyer mortgage and we understand that getting that first foot on the property ladder can be difficult. We regularly hear First Time Buyers saying that they want to buy a home, but they don’t know how much they can afford. We also often hear people say that the whole mortgage process confuses them and they’re not sure where to start.
“Not only do we have access to the latest 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. 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.
You might also find it useful to read the dedicated First Time Buyer page on our website. Alternatively, read about First Time Buyers Zoe and Richard from Salisbury who bought their first home with the help of Adam Nanson from Your Mortgage Expert.
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.
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*Source: Mortgage Introducer, 27th May 2016 http://www.mortgageintroducer.com/first-time-buyer-activity-reaches-2-year-high-april