Negativity remains at the forethought of many Britons attempting to secure their first mortgage in the UK, according to one expert.
Gaining access to the appropriate finances for a home loan product, such as tracker mortgages, has become increasingly difficult for many people in recent times. This is due to the banks and building societies becoming seemingly reluctant to provide the necessary finances required for first-time buyers to purchase a home.
And this “little to be positive about” mentality looks likely to stick around, at least for young people trying to get a foot on the property ladder, for the foreseeable future in the opinion of press officer for online resource Priced Out, Katy John.
Ms John has recently explained that the market is currently very uncertain and unstable thanks to a distinct lack of long-term structured reforms being implemented by the coalition government in the aftermath of the recession, meaning that it is still “too early” to look for positivity among prospective home loan borrowers.
However, there is a light at the end of this tunnel. All you have to think is ‘Location, location, location’ when deciding where to settle down if new research is to anything to go by.
A recent survey conducted by Halifax has established that there is as much as a nine-year difference in terms of the age people can afford their first mortgage, depending on the area that they are attempting to buy in.
By looking into this research we can see that, although the average age of a first-time buyer in Britain is 29, this age drops to 25 in areas such as the North Yorkshire town of Selby, but rises to a massive 34 in the London borough of Harrow.
Housing economist for Halifax, Nitesh Patel has said that “several areas in the country where the average ages of first-time buyers is three or four years below the national average”, tended to be in the north.
In spite of this, it still looks like prospective home owners will still need a bit of a helping hand from the government if they are to get onto the property ladder any time soon.
Stuart Law, chief executive officer of Assetz, has come out to say that he has urged the Conservative-Liberal Democrat alliance to be as proactive as possible in terms of its plan to remedy the country’s lack of available housing.
Mr Law feels that by increasing the amount of properties being built on the nation’s greenbelt areas – whilst doing all we can to drive down the cost of such homes – would be the best way to give assistance to those individuals finding it difficult to acquire a mortgage.
“The country needs more houses. Somehow we’re going to have to address that problem and building on the greenbelt makes sense,” he added.
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