Recently released survey information has shown that competitive mortgage rates continue to attract first time buyers, and therefore increasing their share of the mortgage market.
Those taking their first steps on to the property ladder were found to have capitalised on the low rates during the month of October, with just under 25% of all loans being taken by borrowers with traditionally ‘smaller deposits’ – this also conversely made borrowing to customers with larger deposits fall.
Of the areas surveyed Yorkshire had the highest market share for small deposit borrowers at 33%, with large deposit customers accounting for 21%. The North West of England’s figures were similar with 31% of loans going to small deposit borrowers, against 23% for larger deposit borrowers.
As expected, it was London that was the area where larger deposit borrowers made came to the fore with a 40% market share compared to just under 15% going to first time buyers and smaller borrowers.
As the year draws to a close and with rates still at historically low levels, there are an amazing amount of deals to be found, and now could be the perfect time to look at acquiring one before banks, lenders and the uncertainties of Brexit begin to potentially alter the financial landscape in the new year.
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