Aspiring first time buyers living in Yorkshire are among the UK’s best deposit savers – according to a new report.
Those looking to step onto the housing ladder in Yorkshire are likely to save just shy of £8,000 to put down a deposit on their first home, just behind top savers in the North East of England with savings of £9,875 and in Scotland at £8,327.
Research by MyJobQuote places Yorkshire first time buyers in a favourable third position, with potential buyers in the West Midlands at the bottom of the deposit savers list at just over £1,300.
The potential buyers who took part in the research had all been saving towards a house deposit for between three and four years.
They were also asked if they were planning to receive any financial help to make up their deposit amount from others that would not be named on the mortgage, to which 64 per cent said yes; and included parents, grandparents and extended family.
Linden Homes East Yorkshire say the findings of the report are encouraging, with developments across the East Riding and North Yorkshire areas offering exceptional choice for first time buyers.
And to further assist with the house buying process, the popular Help to Buy scheme can curb the cost of moving AND only a five per cent deposit is required.
Here’s how it works: customers require a minimum five per cent deposit. The government will lend you up to 20 per cent of the value of your property through an equity loan, which can be repaid at any time, or on the sale of your home. Buyers will only need to secure up to a 75 per cent mortgage from a bank or building society. The maximum home purchase is £600,000.
Linden Homes East Yorkshire sales manager Julie Hubbard said: “The findings of this latest report make interesting reading, and we are here to help and support first time buyers in Yorkshire to put those hard earned savings to the best use possible – and assist them in their search for a dream home at one of our many developments.”
For details of where Linden Homes East Yorkshire is building near you, visit our website.
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For further press information please contact Cetti Long at Media Matters on 01733 371363 or email cetti@mediamatters-pr.co.uk
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