Hanley Economic Building Society has been helping customers to get on the property ladder since 1854 and for the second year in succession we have won MoneyFacts ‘First Time Buyer’ of the year award.
According to a recent study by Savills, around 365,000 first time buyers completed on a mortgage in 2017 – the highest number since 2006. Although this research suggests hope for many people wanting to get on the property ladder, the variation in the ages of first time buyers in different areas of the UK shows how difficult it will be for many.
Savills acknowledge that during the past 3 years, 59% of new build first time buyers were under 29, however, in the South East and East of England the majority were 30 to 39 at 41%. Not only is the average age of a first time buyer changing, their preferences when choosing a first home is too. Savills study with NHBC Foundation found people’s priorities have changed with many having families already and needing more bedrooms, more cars to park and busier lifestyles leading to less time to maintain a household than previously found.
Currently, the Society has 7 different mortgage products which aim to support first time buyers during one of the most significant periods of their lives. With both residential and shared ownership products available, we’re doing our best to bring the dream of home ownership to as many people as possible
We offer award-winning mortgages with deposits of as little as 5%, many also offer a free valuation and little, if any fees. The Society also helps people with the first step towards their mortgage, through saving for a deposit. Our’ ‘Home Deposit Saver’ allows customers to save up to £51,000 (if held jointly) towards their first home the account pays a great interest rate of 2.95%.
Head of Marketing & Business Development, David Lownds, said “Supporting first time buyers is a key priority and we are delighted to be able to offer a wide variety of products to suit a range of prospective buyers. As a mutual business we believe in supporting those that need help to get on the property ladder and by offering competitive products and flexible criteria, we can offer our customers the chance to do that.”