You are here: Home - Mortgages - First Time Buyer - News -

1m have bought first home since credit crunch

0
Written by:
07/11/2012
One million households have become first-time buyers since the onset of the economic downturn, accounting for 1 in 10 mortgage borrowers.

 

Speaking today at the Council of Mortgage Lenders’ annual conference, chairman Martijn Van der Heijden, who is also head of mortgages at HSBC, flagged up the fact that first-time buyers are still managing to get onto the property ladder, despite the muted mortgage market.

Van der Heijden also pointed out that the average interest rate paid by mortgage borrowers is lower now than it was 12 months ago, despite some lenders increasing their standard variable rates this year.

He said: “We know – pretty much – that the UK housing psyche, while a bit bruised, still holds home-ownership extremely dear. At the same time, people know that it is more difficult to achieve than it used to be, and that renting is likely to be a tenure in which most new households will spend at least some time.

“And we know – pretty much – that we have further work to do to develop a relationship of trust with our existing borrowers and with the borrowers of the future, many of whom – rightly or wrongly – see us (lenders) as the cause of problems rather than the providers of solutions.

“All these three things that we know point us in a single direction – to show our customers that they are genuinely at the heart of our businesses.”

Van der Heijden spoke of the need for lenders to simplify their mortgage products, deliver high quality advice to borrowers and to be more innovative going forwards.

Tag Box

There are 0 Comment(s)

If you wish to comment without signing in, click your cursor in the top box and tick the 'Sign in as a guest' box at the bottom.

ISAs: your back-to-basics guide for 2018/19

Here’s everything you need to know to make the most of your unused ISA allowance ahead of the 5 April deadli...

A guide to Sharia savings accounts

A number of Sharia savings products have upped their game in recent months, beating more familiar competitors ...

Five ways to get on the property ladder without the Bank of Mum and Dad

A report suggests the Bank of Mum and Dad is running low on funds. Fortunately, there are other options for st...

What will happen if rates change

How your finances will be impacted by a rise in interest rates.

Regular Savings Calculator

Small regular contributions can build up nicely over time.

Online Savings Calculator

Work out how your online savings can build over time.

Having a baby and your finances: seven top tips

We’re guessing the Duchess of Cambridge won’t be fretting about maternity pay or whether she’ll still be...

Protecting family wealth: 10 tips for cutting inheritance tax

Inheritance tax - sometimes known as 'death tax' - can cause even more heartache for bereaved families. But th...

Travel insurance: Five tips to ensure a successful claim

Ahead of your summer holiday, it’s important to make sure you have the right level of travel cover or you co...

Money Tips of the Week

Read previous post:
One-third will raid savings to pay for Christmas

Research from Moneysupermarket has revealed that 10% of us plan to use specifically-designated savings accounts to finance Christmas.

Close