Research that looks at houses purchased with the help of a mortgage, has revealed that just under 50% of them were granted to first time buyers.
The volume has risen by over 35% since 2011, and whilst they now have to accumulate an additional 6% deposit, first time buyers do save on stamp duty.
The first half of 2015 saw a total of just under 140,000 first time buyers step onto the property ladder, which was actually a slight fall of around 7% when it was compared with the same time period in 2014. Although this was the first annual decrease since 2011, remarkably, it was still the biggest total for the first half of the year since 2007.
Craig McKinley, the director of mortgages for Halifax said:
“There was a modest decline in the number of first time buyers in the first half of the year following the substantial increases. There are now signs of a pick-up in mortgage activity as the economy continues to recover and mortgage interest rates remain at very low levels.”
The stamp duty changes have made an impact by saving borrowers over £700, and it is thought that this, along with the continued low rates could lead to a further increase in the number of first time buyers making the leap towards buying their first home.
Working as a qualified mortgage professional, you will have passed the end exams that follow your CeMAP training, enabling you to meet with customers and advise them as to the most appropriate mortgage package.