First-time buyers embracing product innovation
More first-time buyers (FTB) are taking advantage of product innovation in the mortgage market as the number of residential purchase customers who have been first-time buyers rises.
Statistics from Vida Homeloans shows that 42% of its residential purchase customers have been FTBs.
Louisa Sedgwick, director of sales, mortgages at Vida Homeloans, said: “The data we have gathered since last October shows that first-time buyers are taking advantage of the wide range of products and specialist options in the market currently.
“As the mortgage lending market continues to evolve with greater product innovation, borrowers need to be aware they can take advantage of the various choices available to them and should be optimistic about purchasing their first house.”
This comes after recent CML data shows that the number of FTB’s over the last 12 months has overtaken the number of home movers for the first time since 2006.