There were 35,010 new first-time buyer mortgages completed in August 2019, 0.7 per cent more than in the same month in 2018. This is the highest monthly total since August 2007 when there were 35,070 new first-time buyer mortgages.
Advice from Matthew Southey CeMAP at Ask About Mortgages is for first time buyers to plan on using a 10% deposit to secure a good interest rate. Broadly speaking the higher % of deposit the lower the interest rate said Matthew. In order to keep repayments down it’s important that we secure the lowest rate possible and the better rates are available for borrowers with a 10% rather than a 5% deposit.
Matthew goes on to say that whatever level of deposit a first time buyer has it’s important to start the financial planning early and would urge those considering buying within the next year to 18 months to book a First Time Buyer Planning meeting with the team. Book