The number of first-time buyers annually increased by 7.4% from 340,000 in 2016 to 365,000 in 2017, according to latest figures published by UK Finance.
The 2017 figure is the highest number since 2006.
Bluestone Mortgages director of sales and distribution Steve Seal said: “Becoming one of the fastest growing groups in the market, it’s great to see first-time buyers increase year-on-year. However, there is still a larger group of people that are not being treated fairly when it comes to the mortgage application process.
“Successful business owners, entrepreneurs or contractors are being turned away by high-street lenders for not fitting traditional lending criteria. Yet it is this group of workers who are the backbone to our UK economy and need greater support from the wider industry. Many of our first-time buyers are from this pool of borrowers and until the mainstream industry learns to understand their situation on a case by case basis, specialist lenders will continue to support these borrowers and give them the chance of home ownership they deserve.”
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The new episode of The Mortgage Insider podcast, out now
Regional housing markets now matter more than ever. While London and the Southeast still tend to dominate the headlines from a house price and affordability perspective, much of the growth in rental yields and buyer demand is coming from other parts of the UK.
In this episode of the Barclays Mortgage Insider Podcast, host Phil Spencer is joined by Lucian Cook, Head of Research at Savills, and Ross Jones, founder of Home Financial and Evolve Commercial Finance.
In this episode of the Barclays Mortgage Insider Podcast, host Phil Spencer is joined by Lucian Cook, Head of Research at Savills, and Ross Jones, founder of Home Financial and Evolve Commercial Finance.
The role of the bridging market and technology usage in the industry
Content editor, Dan McGrath, sat down with chief operating officer at Black & White Bridging, Damien Druce, and head of development finance at Empire Global Finance, Pete Williams, to explore the role of the bridging sector, the role of AI across the industry and how the property market has fared in the Labour Government’s first year in office.
Helping the credit challenged get mortgage ready
A rising number of borrowers are finding it harder to access mortgages due to being credit challenged - whether that’s from historic debts, a county court judgment, or having little to no credit history.
In the latest episode of the Mortgage Insider podcast, Phil Spencer is joined by Eloise Hall, Head of National Accounts at Kensington Mortgages, and Alastair Douglas, CEO of TotallyMoney.
In the latest episode of the Mortgage Insider podcast, Phil Spencer is joined by Eloise Hall, Head of National Accounts at Kensington Mortgages, and Alastair Douglas, CEO of TotallyMoney.
The future of the bridging industry and the Autumn Budget
MoneyAge content editor, Dan McGrath, is joined by head of marketing at Black & White Bridging, Matt Horton, to discuss the bridging industry, the impact of the Autumn Budget and what the future holds for the sector.
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