First-time buyers needing more help to secure first home

First-time buyers needing more help to secure first home

The number of first-time buyers who have required help to secure their mortgage has leapt significantly in recent years.

 

The Council of Mortgage Lenders recently revealed that first-time buyer mortgages had reached their most affordable level (relative to income) in almost eight years.

 

However, the situation with deposits is different, they note, which goes some way to explaining why, despite 85% of people wishing to own homes in the long-term, the average number of first-time buyers has reduced from approximately 500,000 per year to just 200,000.

 

By 2009, the average deposit required to buy a property for the first-time buyer had reached 25%. Now, thanks to sustained lower interest rates and greater competition on the market, this has reduced a little to 20%. The average deposit, the CML calculates, is £26,000, double what it was in 2007.

 

The disparity between the boom and bust years for first-time buyers is distinctly evident. In 2005, the research notes, 69% of first-time buyers (70,000 per quarter) were buying without any form of assistance. In 2011, even though the number of first-time buyer numbers leapt throughout the year (c. 38,000 in Q1 to c. 53,000 in Q3), only 35% on average were able to buy unassisted. Only 19% of under-30s were able to buy unassisted in early 2011, compared to over 60% in 2005.

 

The tightening of lending restrictions since 2009 has led to higher loan-to-value demands for mortgages. The effects have hit youngest borrowers hardest; for first-time buyers this year, only 8% of under-25s and 27% of the 25-29 age group were able to buy a property unaided.

 

This news materialises as the Co-operative Bank announced a cut in mortgage rates for fixed-rate mortgage products which offer up to 90% LTV with effect from Friday.

 

Why not keep a regular check on Which4U’s mortgage listings to see how competition develops for higher loan-to-value mortgages for first-time buyers?

 

Bret Clement

Wednesday, 14 December 2011 13:28
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Top 5 Credit Cards

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Barclaycard Platinum (22 Month BT)
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0%
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Barclaycard Platinum (21 Month BT)
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Bank of Scotland Plus Credit Card

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Nationwide Credit Card

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Sainsbury's Finance Credit Card

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Sainsbury's Finance Nectar Credit Card

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Earn up to Double Nectar points for every £1 you spend in Sainsbury's stores and online for the first two years. YOU MUST HAVE A NECTAR CARD IN ORDER TO APPLY FOR THIS CREDIT CARD (Nectar points are NOT earned using this Credit Card)

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MBNA Play.com Credit Card

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Barclaycard Gold

Introductory Offer
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Cash Advance: 27.9% p.a.
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Credit Limit: Subject to Status
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Advice

Get 0% commission on credit card purchases overseas (usually 2.75% charge)!!

Introductory Offer
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Representative Example: Representative 16.9% APR variable. Based on no annual fee, assumed borrowing of £1,200, rate of interest variable (annual) 16.9%
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Balance Transfers: 16.9% p.a.
Cash Advance: 24.1% p.a.
Annual Fee: N/A
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Credit Limit: Subject to Status
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Sainsbury's Finance Low Rate Credit Card

Advice

There are no balance transfer fees when transferring a balance from another card. Please note - Nectar points are NOT earned using this Credit Card. If you wish to collect Nectar points with your credit card you should apply for the 'Sainsburys Nectar Credit card'.

Introductory Offer
Balance Transfer Rate: N/A
Balance Transfer Fee: N/A
Purchase Rate: N/A
Representative APR
Purchases: 6.90% p.a. (variable)
Representative Example: If you spend £1,200 at a purchase interest rate of 6.95% (variable) your Representative APR will be 6.9% (variable).
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Balance Transfers: 6.90% p.a.
Cash Advance: 24.9% p.a.
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Credit Limit: £25,000
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On-Line Banking: Yes
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Barclaycard Simplicity

Advice

Get 7.9% Representative APR (variable)
(Applies to every purchase and/or balance transfer you make)
No balance transfer handling fee!

Introductory Offer
Balance Transfer Rate: N/A
Balance Transfer Fee: N/A
Purchase Rate: N/A
Representative APR
Purchases: 7.90% p.a. (variable)
Representative Example: If you spend £1,200 at a purchase interest rate of 7.9% (variable) your Representative APR will be 7.9% (variable).
Annual Rates
Balance Transfers: 7.90% p.a.
Cash Advance: 15.8% p.a.
Annual Fee: N/A
Standard Features
Credit Limit: Subject to Status
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  • You have an income over £20,000 p.a

Lloyds TSB Advanced Mastercard

Advice

You must spend a minimum of £100 in the 1st 3 months or the 6 month 0% purchase duration is reduced to 3 months only. Keep track of your money across your Lloyds TSB personal current and credit card accounts with Money Manager and Active Account Monitoring to spot any suspicious spending.

Introductory Offer
Balance Transfer Rate: 4.90% for 12 mths
Balance Transfer Fee: 1.50%
Purchase Rate: 0% for 6 mths
Representative APR
Purchases: 11.9% p.a. (variable)
Representative Example: If you spend £1,200 at a purchase interest rate of 11.95% (variable) your Representative APR will be 11.9% (variable).
Annual Rates
Balance Transfers: 11.9% p.a.
Cash Advance: 24.9% p.a.
Annual Fee: N/A
Standard Features
Credit Limit: £50,000
Interest Free Days: Up to 56 days
On-Line Banking: Yes
Approval Criteria
  • You are at least 18 Years of Age
  • You have a Good Credit History
  • You are a permanent resident/citizen of the UK
  • You have a bank or building society account
  • You have an income over £25,000 p.a

Amex Platinum Cash Back

Advice

Get 5% cashback on up to £2,000 spend within 1st 3 months (Max £100). After this you can earn cashback rates of 1.25% with NO spend limit!!

Introductory Offer
Balance Transfer Rate: N/A
Balance Transfer Fee: N/A
Purchase Rate: N/A
Representative APR
Purchases: 18.5% p.a. (variable)
Representative Example: If you spend £1,200 at an annual interest rate of 14.0% (variable) with a £25 annual Fee your Representative APR will be 18.5% (variable).
Annual Rates
Balance Transfers: 18.5% p.a.
Cash Advance: 22.9% p.a.
Annual Fee: £25 p.a.
Standard Features
Credit Limit: £50,000
Interest Free Days: Up to 56 days
On-Line Banking: Yes
Cashback
Introductory Cashback Rate: 5% p.a.3 mths
Standard Cashback Rate: 1.25%
Approval Criteria
  • I am aged 18 or over
  • I have a current UK bank or building society account
  • I have a permanent UK home address
  • I have a household income of at least £20,000
  • I have no history of bad debt
  • If self-employed, I have been working for more than one year.

AA Balance Transfer Credit Card

Advice

Earn AA Reward Points on your everyday card purchases, and earn double points on motoring, fuel and AA products. Use your points to purchase from a range of motoring products and services.

Introductory Offer
Balance Transfer Rate: 0% for 16 mths
Balance Transfer Fee: 3%
Purchase Rate: 0% for 3 mths
Representative APR
Purchases: 17.9% p.a. (variable)
Representative Example: If you spend £1,200 at a purchase interest rate of 17.9% (variable) your Representative APR will be 17.9% (variable).
Annual Rates
Balance Transfers: 17.9% p.a.
Cash Advance: 22.9% p.a.
Annual Fee: N/A
Standard Features
Credit Limit: Subject to Status
Interest Free Days: Up to 58 days
On-Line Banking: Yes
Approval Criteria
  • You are currently employed
  • You are over 23 years of age
  • You are a homeowner
  • You have an income of over £20,000
  • You do not have any recent credit defaults (CCJ's, current arrears or missed payments) on credit cards / loans / mortgages
  • You are a resident in the UK and can prove residential addresses for the past two years

AA Credit Card

Advice

Earn AA Reward Points on your everyday card purchases, and earn double points on motoring, fuel and AA products. Use your points to purchase from a range of motoring products and services.

Introductory Offer
Balance Transfer Rate: 0% for 12 mths
Balance Transfer Fee: 3%
Purchase Rate: 0% for 10 mths
Representative APR
Purchases: 16.9% p.a. (variable)
Representative Example: If you spend £1,200 at a purchase interest rate of 17.9% (variable) your Representative APR will be 17.9% (variable).
Annual Rates
Balance Transfers: 16.9% p.a.
Cash Advance: 22.9% p.a.
Annual Fee: N/A
Standard Features
Credit Limit: Subject to Status
Interest Free Days: Up to 58 days
On-Line Banking: Yes
Approval Criteria
  • You are currently employed
  • You are over 23 years of age
  • You are a homeowner
  • You have an income of over £20,000
  • You do not have any recent credit defaults (CCJ's, current arrears or missed payments) on credit cards / loans / mortgages
  • You are a resident in the UK and can prove residential addresses for the past two years

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