News & Insights - First time buyer

First-time buyer numbers in August reached their highest level since June last year, with a total of 35,500 mortgages completed.

The number of self-employed people in the UK continues to grow, but getting a mortgage if you work for yourself isn’t always straightforward.

Growing numbers of lenders are launching Help to Buy mortgages, increasing the options available to buyers of new build properties.

This year’s Gas Safety Week, which runs from September 17-23, aims to raise awareness of the dangers of poorly maintained gas appliances, which can cause fires, explosions, gas leaks and carbon monoxide poisoning.

Gross mortgage lending reached £24.6bn in July, according to latest figures from trade body UK Finance, its highest level since March 2016.

UK house prices fell at their sharpest rate for six years in August, according to Nationwide’s latest monthly House Price Index, bringing the average cost of a home to £214,745.

Despite changes to stamp duty designed to help those struggling to get onto the property ladder, more than 2m first-time buyers aren’t sure whether they will benefit from the new rules.

Clydesdale Bank has become the latest lender to introduce a new range of mortgages specifically for professionals.

Homeowners with only a limited amount of equity now have a greater choice of remortgage options, with lenders including Virgin Money, Tesco and Atom Bank improving their offerings at this end of the market.

First-time buyers who manage to get onto the property ladder could save an average of more than £2,200 a year compared to renting, with buying now cheaper than renting in all areas of the UK.

More than 40,000 homeowners remortgaged in April, according to latest figures from trade body UK Finance, up 36% compared to the same month last year.

Falling numbers of first-time buyers will benefit from stamp duty relief over the next decade, with rising property prices meaning around 4m homes across England may no longer qualify.

Saving for a deposit is often the biggest challenge first-time buyers face but increasing numbers of lenders are introducing new mortgage deals which only require a 5% deposit.

More than half of millennials – those aged between 18 and 35 - are considering buying a home with friends or family to achieve their aim of getting on the property ladder.

House prices saw their sharpest drop since 2010 in April, according to Halifax’s latest House Price Index, falling by 3.1% following a 1.6% rise in March.

Four in 10 millennials are living in rented private accommodation at the age of the 30, with home ownership seemingly out of reach for many.

The Post Office has introduced a new ‘Family Link’ mortgage aimed at first-time buyers that can afford monthly mortgage payments but who don’t have a deposit to put down.

A new stamp duty system is being introduced in Wales next month, which means many buyers won’t pay the tax when purchasing a property costing up to £180,000.

NatWest has launched the ability for brokers to extend the offer period on mortgages for new build homes, which could increase it from six to as much as 12 months. The aim is to enhance its flexibility for the new build market and helps bring it in line with other lenders.

Buyers, including many first timers, who signed up for the government’s Help to Buy equity loan scheme in its early stages will soon start being charged interest on their loans.

Homeowners and buyers could face steeper mortgage rates when the government’s scheme to boost lending finishes at the end of this month.

M&S Bank has launched its first mortgage range, which includes fixed and tracker deals for those moving home or remortgaging, as well as for first-time buyers.

First-time buyers are increasingly taking out mortgages with terms much longer than the usual 25 years to help make their monthly payments more affordable.

In the November 2017 Budget, Chancellor Philip Hammond announced an immediate reduction in Stamp Duty Land Tax (SDLT) that will benefit the vast majority of first time buyers in England, Wales and Northern Ireland and mean 80% of first timers will pay no stamp duty at all.

Haggling on the property price can be tricky. Some sellers will be happy to negotiate, whereas others may be determined not to drop below the asking price, so it’s not always easy to know how far you can push it.