UK Finance: First-time buyer mortgages rise in December
The number of first-time buyer mortgages completed in December 2019 saw a 0.3% year-on-year rise according to the latest Mortgage Trends Update from UK Finance.
There were 29,490 new first-time buyer mortgages completed in December 2019, 0.3% more than in the same month in 2018. There were also 29,400 homemover mortgages completed in December 2019, 3.2% more than in the same month a year earlier.
Aaron Strutt, product director at Trinity Financial, says: “We have been helping more first-time buyers to get on the property ladder over the last few years and the vast majority them take two or five-year fixed rates.
“The mortgage lenders have improved the pricing and is it possible to get sub-2% two-year fixes if you have a 10% deposit. First-time buyers with a 20% deposit also have access to rates starting from 1.60%.”
According to research from Halifax and UK Finance, the average deposits for first-time buyers in Greater London is £109,885 and £54,425 in the South East.
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