First-time Buyers

Brits still dream of homeownership

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Brits still aspire to be a nation of homeowners according to Clydesdale and Yorkshire Banks.

A survey of new homeowners and potential first time buyers revealed nearly one fifth think it works out cheaper to get on the property ladder than to rent.

Almost a quarter also believe buying is an investment for the future.

But there remains a difference in views between different regions of the UK, with the South East more ‘focused on their finances’, with 42% agreeing that it makes financial sense to buy compared to just 25% in the rest of the country.

More than half of those surveyed said they rented a property before buying their first home, although 7% admitted they had to give up their rented property and move back in with parents or a friend or family member so that they can save up enough for a deposit on their first home.

Andrew Pearce, retail director for Clydesdale Bank, said: “We understand how difficult it can be to take the first step onto the property ladder and are one of the few lenders still offering 95% mortgages to support first time buyers.”

Clydesdale and Yorkshire Banks have a range of mortgages for first time buyers including a 90% LTV rate of 5.99% and a 95% LTV rate of 6.49%, both fixed for 3 years with no arrangement fees.