Number of second steppers on the rise

Mortgage Introducer

October 18, 2016

Houses

The number of first time homeowners planning to take their second step on the property ladder is on the way up, according to a new survey from Clydesdale and Yorkshire Banks.

Almost 40% of the country’s first time homeowners are planning to take their second step on the property ladder, latest figures reveal.

The results also show the number of first-time buyers planning to put up a for sale sign has jumped by 14% compared to the same period last year.

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Among those planning to change homes, a third plan to move out of necessity as they have outgrown their current home while 24% are focused on moving up the property ladder.

The research also polled the aspirations of second steppers across the UK. Those in the North East and North West are the most focused on moving, with 48% hoping to buy a new home, compared to just 29% of those in the South West.

For those unsure about moving, affordability is cited as the main concern for almost one in three (30%). A further 29% said they were worried about finding their dream home, while almost one in five (18%) feel hesitant about taking on a larger mortgage.

Steve Fletcher, head of customer banking networks for Clydesdale and Yorkshire Banks, said: “Second steppers often have more factors to consider than first time buyers. These include having enough room for a growing family or being close to a specific school.

“Affordability is the other key factor but the current low interest rate environment means it’s a great time to secure one of our fantastic fixed rate deals.”

“For anyone still unsure about moving, I’d say come and talk to us. We’re offering some of our lowest ever rates, including a five year fixed rate at 2.99% with 75% loan-to-value.”

For would be second steppers struggling with a deposit Clydesdale and Yorkshire Banks also offer a Home Mover Mortgage with a 95% loan to value fixed for three years at 3.99%.

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