Blog Post

Spreading the load

TomS - Head Tom Simper Oct 28, 2023, 12:00 PM

First-time buyers, faced with the rising costs of getting on the housing ladder, are finding ways to offset the increases by taking longer mortgage terms, flexible deals or paying higher deposits.

Over half of first-time buyers took a mortgage term of 30 years or longer in 2021– 2022, compared to just one third in 2008-2009.

Those taking the more usual repayment period of 20-29 years accounted for a further 38%, while a small minority (6%) were able to negotiate shorter than 20 years.

The average monthly mortgage payment for a first-time buyer is currently £1,194 per month, up from £1,048 per month last year. Source: #Dataloft, English Housing Survey (2021-22), Rightmove – typical first-time buyer property, five-year fixed rate, 85% Loan-to-Value mortgage

Load more comments
Thank you for the comment! Your comment must be approved first
comment-avatar

"I would like to thank Abbey for all her help and support she offered"

- Marie

"Sean was really lovely on our inspection. Quick, easy and efficient. Thank you!"

- Roberta

"Dewi kept us up to date & was very understanding of my Mum's situation. I would highly recommend selling with this company."

- Jane

"Keep it up the good work. I thank you very much"

- Richard

"I had a viewing with Abbey, so lovely and friendly"

- Amy

"Abby was prompt to respond to inquiries and very pleasant"

- Christian

"Excellent service, quick to find tenants and organising final checks, no complaints so far!"

- Steve

"Would highly recommend Peter Anthony when selling your property."

- Gwen