1 minute read posted by Should first-time buyers with a consistent track record of rental payments be offered lower mortgage rates or lower loan-to-value products?
When you consider an average 1 bedroom apartment costs £1,200 per calendar month in rent, and mortgage repayments on a £300,000 property will be circa £950 per calendar month, we believe tenants with proof of consistent rental payments should be offered either lower mortgage rates, or a lower deposit value required to get on the ‘ladder’.
With the Help-to-Buy scheme no longer in effect as of October 2022, we believe this would be one of the solutions to assist with the absence of the Help-to-Buy product which served millions of first-time buyers since the scheme was launched in 2013.
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