9
Dec
First-time buyers mortgage payments 'lowest for 8 years'
First-time buyers are currently paying less back on their mortgage
payments than they have done in almost eight years, as interest
rates continue to drive them down.
According to the latest figures from the Council of Mortgage
lenders (CML), the level of deposit required for a first-time buyer
to secure a home has remained steady over the last few months,
currently sitting at around 20 per cent, whilst repayments have
fallen.
In October, according to the CML, first-time borrowers were paying
back a mere 12.3 per cent of their monthly earnings on their
mortgage payments, which is the lowest percentage since January
2004, good news for those looking at
property for sale in Southampton.
First time buyers were also recently given the boost of the
introduction of the government's new mortgage indemnity scheme. The
new plans will allow first-time buyers to secure a 95 per cent
mortgage on new build homes, meaning that there will be an upturn
in the number who can afford to buy.