First Time Home Buyers Waiting Longer than Expected to Join Property Ladder

First Time Home Buyers Waiting Longer than Expected to Join Property Ladder

Owning a UK home is part of the dream of growing up in Britain and enjoying all it has to offer. For many, that dream is being put on hold. It’s being put on hold for many reasons, but the biggest is the economic situation which currently exists for those looking to put down a deposit on that first piece of property. House prices continue to increase and those increases are outpacing the speed of change in income. According to a recent survey conducted by Clydesdale and Yorkshire Banks, almost 70% are now waiting longer than expected to purchase their first home. In contrast, less than 10% are becoming home owners faster than planned.

This is only a marginal improvement over the past year. The common theme between the comparison is that first time owners are now waiting between one and two years before purchasing a property. This period of time is much longer than originally planned by many first time home buyers.

After first time buyers are able to achieve status of being on the property ladder, options start opening which can be quite favourable. After living in a home for even a short period of time, a financial product known as a remortgage can be quite valuable.

A remortgage makes it possible for home owners to save money on their monthly mortgage payment, and more. There is an opportunity to free up cash from home equity which has been compiled over time and obtain a lower interest rate. Remortgage products are now able to be obtained online and with little effort through an easy application process.

Steve Fletcher of Clydesdale and Yorkshire Banks commented on the current state of affairs which are challenging to first time home buyers, saying: “It is positive that our research shows that there is a small improvement on the previous year, however almost two thirds of first time buyers still face challenges in meeting their own timescales for being a home owner.”

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