First-Time Home Buyers On The Rise

Various tactics employed to secure first homes

The housing market has witnessed a surge in first-time buyers, with mortgage searches for this group rising by over 20%, according to data[1]. This trend suggests that first-time buyers are capitalising on the current slowdown in the housing market to make their initial foray into homeownership.

Despite the steep rise in property prices during the pandemic, first-time buyers employ various tactics to secure their first homes. The House Price Index reveals that first-time buyers need an additional £7,500 in earnings to climb the property ladder. As a result, many of them are choosing longer mortgage terms.

Remortgaging To a More Competitive Deal

27% of homeowners with a mortgage are still on a Standard Variable Rate

If you’re currently on your mortgage lender’s Standard Variable Rate (SVR), you will have noticed a considerable increase in your monthly repayments due to numerous interest rate hikes by the Bank of England in recent times. According to data, 27% of homeowners with a mortgage are still on their lender’s SVR[1].

Given the current economic climate, one in ten homeowners on an SVR were concerned about lenders scrutinising their finances. They didn’t realise getting a more competitive mortgage deal could be possible.

Applying For a Mortgage

How to make sure you’re mortgage-ready to simplify the journey

Navigating through many mortgage deals and sorting out the heaps of paperwork can be daunting and labour-intensive. However, we’re on hand to assist you and simplify this journey.

From understanding the different types of mortgages to tips on streamlining the application process, we’re here to help you every step of the way.