More choice for UK FTB’s
During June the number of UK mortgages designed to attract the First time buyer sector of the UK property market increased by nearly twenty per cent according to recently published research.
First time buyers are essential to the mix of property investors needed to ensure a healthy level of sales activity allowing existing property owners to upgrade to a larger home when the need or desire occurs.
During the years since the global banking crisis the whole face of the mortgage industry has changed and 100 per cent mortgages disappeared from the shelves only to be replaced by new deals requiring a minimum of ten per cent deposit, according to current calculations, the average deposit needed for new buyers to the UK property market is around £25,000 and this is beyond the means of the majority of young FTB’s.
The amount of products now aimed at first time buyers now stands at more than 310 offering rates of around 5.87.