View more on these topics

More than 1 in 4 can only afford to buy with Govt help

More than a quarter of UK adults say they can only afford to buy or move home with government help, according to a survey conducted by the Mortgage Advice Bureau.

Of the 1,161 respondents, 28 per cent stated they would need government assistance to purchase their own home or move from an existing property, while 26 per cent say they would require financial help from their family.

The results showed 40 per cent of UK adults were looking to either purchase their first home, move house or remortgage before the scheduled end of the Help to Buy scheme in 2016.

Saving for a deposit is still one of the biggest hurdles facing borrowers, as 26 per cent of people looking for a mortgage in the next 12 months could only afford a five per cent deposit. Of these, 50 per cent are first-time buyers while 35 per cent are seeking to move from their existing home. The remaining 15 per cent want to find a remortgage deal.

Mortgage Advice Bureau head of lending Brian Murphy says: “Help to Buy has supported efforts to make mortgages more accessible to first-time buyers and existing homeowners, with more lenders and products set to drive up competition in the new year.

“Buyers are voting with their feet and we are seeing great enthusiasm for low deposit mortgages. The type of 95 per cent mortgage encouraged by Help to Buy are familiar products and part of what’s needed in a healthy market to cater for the full range of buyer needs.”



Media Spotlight: Top books of the year

Managing stress at work Stephen Evans-Howe Do threats and a major hair-drying from your boss improve your performance or turn you into a jibbering wreck? If it is the latter then Managing Stress at Work by Stephen Evans-Howe is the book for you although it is more of a practical guide than something to whiz […]


Caption Winner

Click here for this week’s Caption Competition


Chelsea Building Society cuts SVR by 0.14%

Chelsea Building Society has cut its standard variable rate by 0.14 per cent. As of 15 December, customers on the direct-only lender’s SVR now pay 5.65 per cent, as opposed to 5.79 per cent before.  While Chelsea’s SVR has been cut, the SVRs of Yorkshire Building Society’s other brands remain the same. Presently, the SVRs […]

Stephen Noakes Lloyds CML chairman

Lloyds mortgages director is new CML chairman

The Council of Mortgage Lenders has appointed Lloyds Banking Group mortgages director Stephen Noakes as its new chairman. From the beginning of January Noakes will succeed Nigel Terrington, chief executive of the Paragon Group of Companies, who has been chairman for the last year.   Noakes will be supported by two deputy chairmen – Royal […]

Finance is only one hurdle for small developers

The housebuilding market in its current form simply isn’t working. We are completely over-reliant on the biggest players in the industry – the largest nine are responsible for more than 50 per cent of the new homes built in the UK. But there is a reluctance to do more, particularly in this uncertain post-Brexit world. And with […]


News and expert analysis straight to your inbox

Sign up