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Revealed: The typical profile of a Help to Buy applicant

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24/03/2014
The typical Help to Buy applicant is young, living in the north of England and buying for the first time, according to Aldermore Bank.

The lender analysed the 2,313 decisions in principle cases it has offered since the mortgage guarantee part of Help to Buy launched last October.

It found 71 per cent of applicants were first time buyers, 50 per cent earned less than £40,000 in total and 82 per cent were aged between 21 and 40.

The top three cities where applicants were resident were Peterborough, Sheffield and Portsmouth. Some 47 per cent of total applicants lived in the north of England. 

Charles Haresnape, managing director of Aldermore Bank residential mortgages, said: “In our experience it is not the case that the scheme is only helping those in London and the South East. Our findings are that the majority of our applicants are first time buyers, on lower incomes and are from the northern regions of the UK.”

Nearly three quarters of cases were for purchase prices of between £75,000 and £175,000 and 47 per cent of cases were submitted at 95 per cent Loan to Value.

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