Mortgages: how to get a loan as lenders pull up the ladder

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First-time buyers face significant hurdles and high interest rates in their search for a home

  • Mortgage for average first-time property needs income of £37,096
  • First-time buyers work together to get their deposits
  • The Bank of England is preparing for another interest rate cut, which would put already historically low rates into negative territory. But for first-time buyers, the reverse is true and mortgage rates are rising. To make matters worse, some lenders have introduced restrictions against mortgages on flats as they worry about price falls.

    Before the coronavirus pandemic struck, loans for first-time buyers were plentiful, with many banks willing to advance as much as 95% of the purchase price and the best deals carrying an interest rate of only 2.6% a year.

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    Author: Patrick Collinson

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