Mortgage borrowing increases for first-time buyers and home movers
Happy new-year! It’s 2020 already, a brand-new decade! The start of the new year brings some fresh opportunities for the mortgage market, which is good news for those looking to purchase their first property or move home.
Despite the industry facing some uncertainties in 2019, we’re starting off 2020 with some good news from the final quarter of last year.
The number of completed mortgages for first-time buyers and those moving home grew by 2.8% and 4.2% respectively in October 2019, when compared with the same month from the previous year, according to the latest figures from UK Finance.
There were 32,260 first-time buyer completions and 33,370 home mover completions in October 2019.
The statistics from UK Finance also showed increases in income multiples for those purchasing their first property and for those moving home – allowing borrowers to borrow larger sums of money.
In October 2019 home movers saw their mortgage to be on average 3.32 times their salary, an increase from 3.29 in October 2018 and first-time buyers also saw a higher multiple at an average of 3.54, up from 3.50 from the same month in the previous year.
Seeking professional advice when looking to purchase your first property or move home is incredibly important. Your adviser will be able to find the deal that’s right for you and your personal circumstances.
If you or your loved ones are looking to purchase your first home or move house, contact your adviser today!