Since the Help-to-Buy scheme was introduced in 2013, the take-up in first-time buyer mortgages has grown by 37% to the end of 2018, the highest number for 12 years.
In 2018 there were around 370,000 first-time buyer loans taken out (30,900 completed in December alone) with an average borrower at 30 years of age, typically borrowing £142,500 with a loan to value of 84%.
As first-time buyer numbers have grown, so too has the proportion of the homeowner mortgage market they account for; in 2013 they represented 43% of loans, in 2018 this increased to 50% of loans.
Remortgaging also continues to be strong, with 34,000 new homeowner remortgages completed in December 2018 – that’s a hefty 9.3 per cent up on December 2017.
Spencer McKay our Sales Negotiator says “we have noticed a lot of first-time buyers looking in the Staines-upon-Thames area since the middle of 2018 and we have a number of new developments taking the Help-to-Buy scheme, which is a great incentive for those wanting to get onto the property ladder. Our recommended mortgage advisors are offering some amazing deals and they too have seen a 1.9% increase in first-time-buyer mortgages, so it really is a delight to see this part of the market coming to life after so many quiet years”.
If you are a first-time buyer or are saving for your first home, please get in touch, we can help with your savings plan or find you a great deal!
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