Those entering the property market for the first time can expect to pay approximately £400 more per month for their mortgage compared to five years ago, analysis suggests. Calculations by property website Rightmove indicate that the average monthly mortgage payment for first-time buyers has increased by 61% since the last General Election in 2019, rising from £667 to £1,075.
Using programs like the Lifetime ISA or Help to Buy can also help. It's a good idea to shop around and compare different mortgage deals to find the best one. “Sometimes, looking at houses in different areas can help you find something more affordable. For example, a young couple I worked with wanted to buy a home in London but found it too expensive. “They saved aggressively and used the Help to Buy program to get some extra money.
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Typical first-time buyer mortgage payment ‘has jumped by 61% since 2019’First-time buyers now face paying £227,757 for a home, rising to more than half a million pounds in London, Rightmove said.
Source: Observer_Owl - 🏆 18. / 72 Read more »
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Typical first-time buyer mortgage payment ‘has jumped by 61% since 2019’First-time buyers now face paying £227,757 for a home, rising to more than half a million pounds in London, Rightmove said.
Source: Glasgow_Times - 🏆 76. / 59 Read more »