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23 Jan, 2019/ by Homeward Legal /First Time Buyer

First-time buyers are continuing to secure the finance they need to buy their first home.

New figures from UK Finance, the trade body for mortgage lenders, show that 36,200 first-time buyers signed up for new mortgages in November, up 5.8 percent on the same month in 2017.

Borrowing was also up, the £6 billion of lending an increase of 9.1 percent year on year.

According to UK Finance, the average first-time buyer is 30 with a gross household income of £42,000.

Jackie Bennett, director of mortgages at UK Finance said: "A mixture of competitive deals and schemes including Help to Buy saw even more first-time buyers get a foot on the housing ladder during November."
Meanwhile, lenders are cutting interest rates on mortgage deals for first-time buyers.

This week both Barclays and Santander announced new cheaper rates for newcomers to home ownership.

Barclays has a two-year fixed rate on 2.95 percent or 3.47 percent, available to buyers with a 5 percent deposit.

Santander's rates start from 2.45 percent for buyers with a minimum 15 percent deposit. It also has a three-year deal on 3.6 percent with a 5 percent deposit.

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