Taylor Scott International News
Some 37% of first time buyers in the UK are staying in their first property for longer than planned despite improvements in wages in real terms, according to new research. The situation is most acute in London where 49% had not bought a second property within the timescales they had initially intended, the survey from Clydesdale and Yorkshire Banks shows. This is in contrast to the East of England where only 23% of first time home owners had stayed in their property longer than they had expected. The research also found that first time buyers plan to stay in their first home for an average of seven years and nine months although a quarter plan to stay for more than 10 years. Those in the North East plan to stay in their first property for the longest length of time at almost 11 years whilst first time buyers in London have hopes of moving up the property ladder after six years and three months. ‘The step between the first and second property remains a challenge for some and increasing moving costs are also adding to the difficulty of raising a sufficient deposit to afford a larger home,’ said Steve Fletcher, director of retail banking. Clydesdale and Yorkshire Banks have launched a new mortgage to help these kind of borrowers who are struggling to take the next step up the property ladder. The Home Mover Mortgage allows borrowing between 90% and 95% LTV. It comes with a three year fixed rate of 4.49% and is designed to support those who can afford larger mortgage payments but are struggling to save the required deposit. The Clydesdale and Yorkshire Banks Home Mover Mortgage comes with no arrangement fee and one free standard valuation. Taylor Scott International
Taylor Scott International, Taylor Scott
