How the government intends to help first-time buyers
In a recent speech, Boris Johnson committed to helping first-time buyers overcome the hurdles faced when securing their first property.
As it stands now, the biggest issues first-time buyers face are the strict mortgage lending restrictions, the need for a high deposit, and rising house prices.
As part of the speech, Boris Johnson stated that more than 50% of renters could afford a monthly mortgage payment. However, other factors mean that only 6% could immediately access a FTB mortgage.
He said: “First-time buyers are trying to hit a continually moving target. By the time they’ve put aside money to secure their mortgage, prices have risen, and it’s no longer enough.”
“And of course, the global rise in the cost of living is only making life harder for savers. So, we want it to be easier to get a mortgage. Reporting back this Autumn, [the review] will look at how we can give our nation’s aspiring homeowners better access to low-deposit mortgages.”
Are you a first-time buyer looking for property advice? Get in touch today.
*Rightmove
This article was originally published by BriefYourMarket and is reproduced here with their permission.
For more company news and insights from Pygott & Crone, click here
Latest news
Fixed-rate products: Comparing terms and understanding market options
Fixed-rate mortgages dominate UK lending markets, offering payment certainty that most borrowers value highly.
Managing rent reviews under the Renters' Rights Act: Process and tribunal risks
The Renters' Rights Act fundamentally changes rent review procedures, limiting increase frequency, strengthening tenant challenge rights, and creating tribunal risks for landlords implementing excessive or improperly procedural increases.
Mortgage costs vs rental costs: The affordability comparison for 2026
The buy versus rent decision affects your long-term financial position significantly, requiring you to look beyond headline mortgage payments versus monthly rent figures.
Outdoor space presentation: What May sellers should focus on
May presents optimal timing for showcasing outdoor spaces with gardens reaching peak condition through spring growth, flowering displays, and lush greenery.
