20 Aug

First-time buyers 'not taking advantage of mortgage results'

First-time buyers 'not taking advantage of mortgage results'

First-time buyers looking to purchase a house for sale in the UK are not taking advantage of the good offers on house prices and mortgage interest rates.

This is what was found in a report by Halifax, which revealed that only 35 per cent of first-time buyers are making the most of the deals around at the moment.

Findings showed that mortgage payments are lower than they were a few years ago, prices have dropped and the stamp duty has been scrapped for 94 per cent of first-time buyer property purchases.

Stephen Noakes, commercial director for mortgages at Halifax, said: "We believe it's important that first-time buyers understand that whilst there are still challenges in raising deposits, other market conditions are more positive."

He added that "affordability has significantly improved" and that 80 per cent of first-time buyer mortgages are approved.

Despite these positive conditions, Ray Boulger, senior technical manager at mortgage adviser John Charcol, said big deposits are a significant problem for first-time buyers. ADNFCR-1222-ID-800033898-ADNFCR

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