9 Dec

First-time buyers mortgage payments 'lowest for 8 years'

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.ADNFCR-1222-ID-801235373-ADNFCR

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