Costs to first time buyers are £900 per year less compared to renters and over their mortgage term buying a home saves them £27,000.
The number of young adults on middle incomes owning a home has more than halved in twenty years with rising house prices.
The number of first time buyers has risen for the sixth consecutive year to 359,900 with deposits doubling in the past decade.
First time buyers are less likely to be supported by the Bank of Mum and Dad as a third of parents are unable to financially support their children.
The cost of a fixed rate mortgage has increased for first time buyers and the Bank of England is expected to raise base rates next month.
The government has pledged £10 billion for the Help to Buy scheme to fund 135,000 first time buyers to get on the property ladder.
Equity Release may involve a Lifetime Mortgage or a Home Reversion Scheme. To understand the features and risks, please ask for a personalised illustration. Equity Release may affect your entitlement to means tested state benefits and will impact on the size of your estate. For Equity Release London City Mortgages charge a fixed fee upon completion of £695. For Mortgages a fixed fee is charged on application. Typically this is from £295 up to £495 for the services selected.
Equity Release - Equity Released from your home will be secured against it. Mortgages – Your home may be repossessed if you do not keep up repayments on your mortgage or other loans secured against it. Think carefully before securing other debts against your home. The information contained in this website is subject to the UK regulatory regime and is therefore intended for consumers based in the UK.
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London City Mortgages Limited is a registered company in England & Wales under company number 09278987. London City Mortgages Limited is an Appointed Representative (FCA no. 655965) of Blackstone Moregate Limited (FCA no. 459051) which is authorised and regulated by the Financial Conduct Authority. LCM and LCM Equity Release are trading names of London City Mortgages Limited.