{"id":16379,"date":"2018-05-03T14:15:19","date_gmt":"2018-05-03T13:15:19","guid":{"rendered":"https:\/\/www.buyassociation.co.uk\/?p=16379"},"modified":"2023-10-09T14:51:12","modified_gmt":"2023-10-09T13:51:12","slug":"first-time-buyers-benefit-from-increased-competition-among-lenders","status":"publish","type":"post","link":"https:\/\/www.buyassociationgroup.com\/en-gb\/2018\/05\/03\/first-time-buyers-benefit-from-increased-competition-among-lenders\/","title":{"rendered":"First-time buyers benefit from increased competition among lenders"},"content":{"rendered":"

According to news reports, first-time buyers are seeing revived support from mortgage lenders with rates and affordability at their lowest ever for this market.<\/strong><\/p>\n

Coupled with the stamp duty cut<\/a> for properties up to \u00a3300,000 announced last November saving first-time buyers an average of \u00a35,000 on their property purchases, 2018 seems to be a good year to get on the property ladder.<\/p>\n

A Mortgage Solutions poll shows 80% of respondents agreeing that competition between lenders<\/a> is creating better first-time buyer mortgages. This is certainly supported by Halifax\u2019s launch of a \u00a31,000 cashback deal for first-time buyers (and home movers) who use a broker<\/a> to secure a fixed-rate deal and Accord\u2019s unveiling of its new first-time buyer 95% loan-to-value<\/a> mortgage range. All Accord first-time buyer products now come with \u00a31,000 cashback<\/a> on completion and include a fee-free two-year fix at 3.94% and a five-year fix at 4.40%.<\/p>\n

Cashback and reduced fees help new borrowers<\/h4>\n

Jemma Anderson, mortgage manager at Accord, said: “Research we conducted last year highlighted the main barrier to owning a first home as the upfront costs<\/a> involved. This dedicated first-time buyer range has been designed with this in mind offering \u00a31,000 cashback, free valuations and fee-free options.<\/p>\n

“We hope the combination of competitive rates and additional features will make the process of buying<\/a> your own home a little easier.”<\/p><\/blockquote>\n

Marsden Building Society has also overhauled its first-time buyer mortgages by increasing the maximum loan size for 90% LTV to 95% from \u00a3300,000 to \u00a3325,000. Heather Crinion, general manager of operations at Marsden Building Society said: “We\u2019re positioned to support first-time buyers \u2026 and our new product changes reflect this with a reduction in rates<\/a> and changes to our criteria.”
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\nIn February this year, more mortgages were lent to first-time buyers than to home movers<\/a>. Of the 50,000 home purchase mortgages \u2013 the highest level for February since 2007 \u2013\u00a0 25,200 were first-time buyer mortgages, which is also a 2.4% increase on first-time buyer mortgages lent in February 2017.<\/p>\n

According to UK Finance, last year saw the highest number of people \u2013 a total of 365,000 \u2013 buying their first home since the 2007\/2008 financial crisis. If competition between lenders continues for first-time buyers, 2018 may well be a record year.<\/p>\n","protected":false},"excerpt":{"rendered":"

According to news reports, first-time buyers are seeing revived support from mortgage lenders with rates and affordability at their lowest ever for this market. Coupled with the stamp duty cut for properties up to \u00a3300,000 announced last November saving first-time buyers an average of \u00a35,000 on their property purchases, 2018 seems to be a good… Read more »<\/a><\/p>\n","protected":false},"author":3380,"featured_media":16394,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"categories":[4,26,6],"tags":[73,25,341],"acf":[],"_links":{"self":[{"href":"https:\/\/www.buyassociationgroup.com\/en-gb\/wp-json\/wp\/v2\/posts\/16379"}],"collection":[{"href":"https:\/\/www.buyassociationgroup.com\/en-gb\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.buyassociationgroup.com\/en-gb\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.buyassociationgroup.com\/en-gb\/wp-json\/wp\/v2\/users\/3380"}],"replies":[{"embeddable":true,"href":"https:\/\/www.buyassociationgroup.com\/en-gb\/wp-json\/wp\/v2\/comments?post=16379"}],"version-history":[{"count":1,"href":"https:\/\/www.buyassociationgroup.com\/en-gb\/wp-json\/wp\/v2\/posts\/16379\/revisions"}],"predecessor-version":[{"id":6097249,"href":"https:\/\/www.buyassociationgroup.com\/en-gb\/wp-json\/wp\/v2\/posts\/16379\/revisions\/6097249"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.buyassociationgroup.com\/en-gb\/wp-json\/wp\/v2\/media\/16394"}],"wp:attachment":[{"href":"https:\/\/www.buyassociationgroup.com\/en-gb\/wp-json\/wp\/v2\/media?parent=16379"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.buyassociationgroup.com\/en-gb\/wp-json\/wp\/v2\/categories?post=16379"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.buyassociationgroup.com\/en-gb\/wp-json\/wp\/v2\/tags?post=16379"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}