First-time Buyer  

Govt urged to reconsider post-2008 mortgage restrictions

IMLA said Help to Buy had contributed to higher numbers of first time buyers, supporting nearly 15 per cent of all first time buyer transactions in England in 2018.

Lisa Stones, director at Mortgage 1st, commented: “Many young people often write off the thought of ever stepping foot onto the property ladder but the government schemes offer a glimmer of hope that homeownership could be a possibility and reignite people’s determination and commitment towards saving for a deposit.

“Lockdown has forced many of us to re-evaluate our lives and look towards the future and for many young people I’m sure that future includes buying their first home. That little extra government support initially goes a long way not only in making dreams come true but also continues to ‘top up’ the industry with homeowners.”

chloe.cheung@ft.com