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The competition between lenders continues to hot up as they vie to offer the lowest cost products on the market.
Whilst lender interest rates continue to fall in anticipation of further reductions in The Bank of England base rate, lenders are also trying to assist borrowers in other ways.
First time buyers are critical to a healthy mortgage market and lenders have always offered incentives to help first time buyers on to the property ladder.
To qualify they need a joint employed income of £50,000, a 5% deposit and no other costs or credit commitments impacting how much they can afford.
Normally the maximum lending would only be 5 times earnings of single or joint salaries.
Halifax have recently launched a similar product with their First Time Buyer Boost scheme.
The scheme launched at the start of September will allow first time buyers to borrow at an enhanced multiplier.
Any application requires a minimum income of £50,000 and a 10% deposit and any applicant can be a first time buyer.
This type of mortgage requires both applicants to be employed and not self-employed. The property being purchased also needs to be standard residential and not fall under a shared ownership or other similar scheme.
It is always best to consult a fee free in independent mortgage to ensure that any application is qualified, meets the relevant criteria and is suitable for the applicant’s needs.
The additional lending available of up to 22% extra could make all the difference in purchasing your first home.
At John German we work alongside APR Money Ltd who can provide advice across the whole of the mortgage market and a thorough review of the lending options for clients, to secure the most cost effective and appropriate product for your needs.
Book a no obligation appointment here and a mortgage advisor will be in touch ASAP.
A mortgage is a loan secured against your home. Your home may be repossessed if you do not keep up repayments on your mortgage or any other debt secured on it.
Date Posted
September 19, 2024
Article Category
Author
Lucy West
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