The first-time buyer mortgage market share is currently at a 20 year high-point. During 2018 a total of 367,038 people got themselves on to the property ladder with the help of a mortgage, according to Yorkshire Building Society. This encouraging figure means that the number of first-time buyers that secured a mortgage was at the highest level since 2006, and almost double the total in 2008, when the mortgage market suffered due to the financial crisis. The high number of people who were able to buy their first home last year is likely to be thanks in part to government schemes supporting first-time buyers and providing them help in making their first steps.
The Yorkshire Building Society has also said there had been a rise in the number of mortgage lenders offering 95% mortgages over the past three to four years, whilst competition has helped to keep rates low. These figures are good news for aspiring first-time buyers as they appear to demonstrate that government schemes are successful in helping people to buy a property.
However, there has been some criticism that government assistance is too focused on people looking to purchase their first home, and there isn’t enough government support provided for people looking to keep moving up the property ladder, which some claim is more difficult than getting on it in the first place.
Though, according to Jackie Bennett (director of mortgages at UK Finance) ‘Home owner remortgaging saw strong growth driven by customers locking into attractive rates, a trend we expect to continue in 2019 as more fixed rate mortgages come to an end,’ she explained.
She added ‘Demand for new buy to let purchases continues to be dampened by recent tax and regulatory changes. However, the number of buy to let remortgages reached a record high of almost 170,000 last year, suggesting many landlords remain committed to the market’.
So whether you’re a first-time buyer or you’re looking to take your next step on the property ladder, get in touch to see how we can help. You can contact our offices on; 01229 825333 (Barrow Office), 01229 525333 (Ulverston Office) and 01229 535333 (Millom Office) or alternatively you can send us an email on firstname.lastname@example.org.