Linden Homes has some advice for those looking to get onto the housing ladder, in light of a new report suggesting the average first time buyer needs to earn £41,000 to get a mortgage.
The KPMG study reveals the average FTB in the UK needs to earn almost twice the average wage (£22,000) in order to secure a mortgage, claiming the divergence between average salaries and house prices is so wide that affordability is a major issue for many first time buyers.
While first time buyers in London have the toughest time getting onto the housing ladder – needing to earn around £77,000, but earn just £28,000 – in England, the narrowest gap is in the North East with £20,149 being earned against the ideal salary of £23,616.
However, help is at hand for first time buyers looking to snap up a brand new home in the Linden Homes North region – with the Help to Buy scheme providing increasingly popular.
First time buyers are spoilt for choice when it comes to a range of styles and designs available at developments across East Riding and other parts of Yorkshire, making now the perfect time to think about moving with assistance from Help to Buy.
Here’s how it works:
- Help to buy is available on new build homes up to £600,000
- Purchasers need a minimum five per cent deposit.
- All homebuyers could be eligible, not just first-time buyers.
- The government will lend you up to 20 per cent of the value of your new build property through an equity loan, which can be repaid at any time or on the sale of your home. This loan is not available on second hand homes.
- Buyers will only need to secure up to a 75 per cent mortgage from a bank or building society.
Linden Homes North sales director Steve Woomble said: “Being able to offer the Help to Buy scheme means that we, as a new homes developer, can continue to meet the growing needs and ease the financial burdens of those looking to step onto the housing ladder – particularly in light of this new research into first time buyers.
“We also work closely with financial experts at The New Homes Group who are able to talk to customers about the best mortgage deals on the market.”
-ENDS-
For further press information please contact Cetti Long at Media Matters on 01733 371363 or email cetti@mediamatters-pr.co.uk
