Over the last 12 months, first-time buyers have found it more difficult to move forwards with their purchase plans, as low deposit mortgages became increasingly scarce.
Now that lenders have begun to re-introduce their 10% deposits, the current situation is looking up for new homeowners, as the number of available products at 90% loan-to-value ratio rose by 29% in the first two weeks of February.*
Not to mention with the March Budget introducing government-guaranteed 5% deposit options with select lenders, which will come into play next month.
It is estimated that around £5 billion is currently being held up in the first-time buyer’s market due to the COVID-19 pandemic, as many future homeowners have decided to delay their move until they have greater financial stability and job security.
Are you looking to try again with your first property purchase?
Nine in ten 90% mortgages were withdrawn from the market in the wake of the COVID-19 outbreak last spring.
Nearly a year on, first-time buyers have been handed a serious boost, with the majority of lenders now offering low-deposit mortgage deals and reducing the restrictions they put in place on how much of the deposit could be 'gifted' by friends or family members.
To learn more about your prospects as a first-time buyer, please visit our website.