Private Finance comments on UK Finance mortgage lending trends

Shaun Church, Director at Private Finance, comments on the publication of the details of latest UK Finance mortgage lending trends.

Read the UK Finance mortgage lending trends.

“The number of first-time buyers has reached a 12 year high in the UK. While home-movers have been paralysed by Brexit uncertainty, first-time buyers have capitalised on favourable market conditions, taking advantage of easing house price growth, record low mortgage rates and new product innovations to make their first step onto the property ladder.

“Government and industry must not however think that their job is done when it comes to first-time buyers. The average age of a first-time buyer in the UK remains high at 32, and many of today’s new homeowners are taking out mortgages with terms lasting as long as 40 years in order to afford repayments. This new generation of homeowners may therefore not achieve mortgage free status until their early 70s. Continued efforts need to be made to ensure that homeownership remains attainable early in adulthood, to avoid jeopardising this generation’s financial security later in life.”

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