Nearly nine out of ten (88 per cent) of first-time buyers secured mortgage offers in Q4 2017, up from 74 per cent in Q4 2016, according to the Intermediary Mortgage Lenders’ Association.
First-time buyers’ access to loans improved more than any other category of borrower in Q4, according to IMLA’s latest Mortgage Market Tracker.
More than four in five (84 per cent) of those offers in Q4 2017 went on to complete, compared to 72 per cent twelve months before.
The trade body says nearly three quarters (74 per cent) of first-time buyer mortgage applications via intermediaries were completed in Q4 2017 – rising from just over half (53 per cent) a year earlier
IMLA says that in the whole of 2017 87 per cent of first-time buyer applications resulted in an offer and 81 per cent of those went on to complete.
It means that 71 per cent of first-time buyer applicants achieved their aim of securing a mortgage in 2017, compared with just half (50 per cent) in 2016.
All mortgage types tracked by IMLA saw improved completions over the course of the year, though Q4 was a weak quarter for many (see table).
Completions per 100 applications
IMLA executive director Kate Davies says: “The mortgage market has proved itself to be resilient over the last year and intermediaries have continued to play a vital role in joining the dots between lender supply and consumer demand.
“In particular, first-time buyers have benefited from widely available and competitively priced deals, even before the extra confidence boost of the Stamp Duty exemption announced in the Autumn Budget.”