Mortgage acceptances are up since last year with a notable increase in those using intermediary mortgage lenders exhibiting a significant increase. This is good news for first time home buyers who are using these intermediary brokers, they applications have a higher chance of being accepted. The amount of available housing is low but studies have shown that first time buyers inquiring or applying is increasing. Mortgage rates are also low but loan to value products are increasing so it is a good idea to apply now while policy makers work on keeping rates low for first time buyers.

Key Takeaways:

• The current trend shows up to a third of first-time buyers spend five years saving for their first home.
• inquiries and applications for mortgages are being sought despite housing affordability remaining low.
• So far, low mortgage rates continue to make home buying and the buy-to-let market appealing.

“The rate of first-time buyers applying and resulting in completion has been steadily growing over the last year.”

Read more: https://www.buyassociation.co.uk/2017/06/05/rate-successful-uk-mortgage-application-intermediaries/