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First time buyer sales are up since Stamp Duty changes

According to NAEA Propertymark, changes made by the Chancellor last year to offer relief to first time buyers purchasing properties under £300,000 seem to be encouraging more buyers onto the market. With, year on year, first time buyer sales the highest since February 2015*. The trade body said that the Chancellor’s first-time buyer stamp duty relief is having the desired effect, as sales to the group rose to 29% in February, from 27% in January. (more…)

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Bank of Mum and Dad to fund 26% of mortgage payments in 2017

According to latest figures from Legal and General, Bank of Mum and Dad will stump up the cash for over a quarter of mortgage payments in 2017. The figures predict that parents will fund £6.7bn worth of money to help pay their child’s mortgage deposit. Making parents as important as the top 9th mortgage lender in the UK*. (more…)

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January mortgage lending highest since 2008

The value of mortgage lending in January 2017 reached its highest levels since 2008 figures from the CML have shown*.  Mortgage Lending reached £18.9bn in January which is 2% higher than January 2016 but still 6% lower than December’s total lending of £20bn. According to the CML, the strong market figures can be attributed to an increase in First Time Buyers and people remortgaging which has offset the weaknesses in the Buy to Let and home movers markets. (more…)

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Purchases by First Time Buyers at a 2-year high

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*. (more…)

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Archived: First Time Buyers unaware of Help to Buy and other government schemes

Archived: First Time Buyers unaware of Help to Buy and other government schemes

Latest research by Precise Mortgages has found that a significant number of First Time Buyers are unaware of the various schemes that are available from the Government to help them purchase a property such as the Help to Buy scheme. 41% of those surveyed had a low awareness of the Government’s Help to Buy ISA which was launched last year. This was reported on the What Mortgage Magazine website in April*. (more…)

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ARCHIVE Many lack understanding on how to apply for a mortgage

Latest research by What Mortgage Magazine and Equifax has found that many buyers don’t understand the process of applying for a mortgage. Two years ago, new mortgage affordability rules were introduced and this research finds that many are unaware of how these rules might affect their application. This was reported in What Mortgage Magazine on 9th March 2016*. (more…)

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Archive: First Time Buyers spend over £50,000 on rent before buying

According to latest research from the Association of Residential Letting Agents, people in the UK will have previously spent, on average, £52,900 in rent before they purchase their first home. This research on First Time Buyers was reported in the Guardian in February*. The research, is based on someone renting for 13 years, and shows that the situation is worse for First Time Buyers in London where the figure paid to landlords is £68,300. (more…)

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