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In a recent report from Halifax, mortgage applications in the UK have risen to a 12-year high, which, given the uncertainty during lockdown, is promising news. Similarly to what we find in Winter, lockdown forced many people to spend more time in their homes and with their families, uncovering impracticalities and leading many to put their homes on the market. 

Like all of the iconic couples in the world, Fred and Ginger, John and Yoko and Jay and Bey, estate agents and mortgage brokers, like ourselves, go hand-in-hand. If estate agents are busy, then so are we! With house prices soaring and Stamp Duty on vacay for several months, people are aiming to get their houses on the market and purchase their dream home in record time. Things are moving fast. 

Luckily for us, we do mortgages in Liverpool, mortgages in Wirraland mortgages in Southport, some of the UK's top property hotspots for residential sales and buy-to-lets; we're used to working fast and around the clock to make things happen, just look at our reviews to see what our clients say! 

But how does this affect first-time buyer mortgages?

Those who are in the age-group of first-time buyers have long been known as Generation Rent - the generation that is unable to afford their own home. With the task of raising the all-important deposit and rising house prices, the process of owning your first home can be long and arduous. 

Lockdown changed the game for first-time buyers, with job losses and an increase in demand for mortgages throwing the majority of 90% mortgages out of the window. That means that the 10% deposit you've been aiming for years isn't sufficient and you'd have to save at least another 5% - eeek! We've always known that the higher the deposit you can raise, the better mortgage rates you'd be eligible for, however, that's never been truer than it currently is. 

However, in a landmark move, Prime Minister Boris Johnson announced his plans to turn Generation Rent into Generation Buy by making 95% mortgages available to first-time buyers. Johnson spoke of his disappointment in the decline of homeowners under the age of 40 and that people were having to "pay through the nose to rent a home which they can’t truly love or make their own”. But you already knew that, right?! We hear of many first-time buyers who were paying hundreds more to rent than they ended up paying for their monthly mortgage repayments! 

As first-time buyer mortgage specialists, we know the territory very well and will be able to guide you through the long and winding roads of a mortgage application, helping you to find the best mortgage deal for your circumstances along the way! Get in touch with our team to see how we can help.

YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE

This firm usually charges a fee for mortgage advice. The amount of the fee will depend upon your circumstances and will be discussed and agreed with you at the earliest opportunity.

Home Legal Services Liverpool LLP t/a Right Click Finance is an appointed representative of Primis Mortgage Network. Home Legal Services Liverpool LLP t/a Right Click Finance act as a credit broker not a lender for building and contents insurance. Primis Mortgage Network is a trading name of First Complete Ltd which is authorised and regulated by the Financial Conduct Authority. The Financial Conduct Authority does not regulate some forms of Buy to Let Mortgage. Registered in England and Wales OC399498. Registered office address 17 Alvaston Business Park, Middlewich Road, Nantwich, Cheshire, CW5 6PF.