Estimates recently published in the ONS’ survey on ‘Families and Households: 2017’ show that the number of families in the UK have increased by 8.1% over the last ten years to 18,997,000.
Married couples and those living in civil partnerships are the most dominant group, with civil partnerships driving the growth of this group, increasing by 66.7% (versus 4.8% for married couples) particularly at younger age groups.
14 million dependent children are currently estimated to be living in families in the UK. It is, however, families with no children or no dependent children that were more common. Some 6.6 million (40%) 15-34 year olds live with their parents.
The ONS suggests that the larger numbers of young adults tending to stay at home for longer may be explained by staying in education and training for longer, formalising relationships and having children at older ages, and increased costs in renting or buying a home.
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95% loan-to-value mortgages improve
For today’s First Time Buyers, one of the biggest challenges involved in trying to get a foot on that elusive property ladder is raising the deposit.
With house prices seemingly on the increase all the time, even getting together 5% of a property’s value can equate to thousands of pounds, and securing a 95% mortgage has also traditionally meant having to accept considerably higher rates than borrowers at the other end of the market with plenty of equity.
Recent reports however have shown an almost five-fold increase in the number of deals available up to 95% loan-to-value over the last couple of years, helped in part by the introduction of the Government Help to Buy Mortgage Guarantee scheme in 2013.
This initiative is due to end this year, but certainly seems to have done its job in terms of reviving what has generally been considered an under-served area of the mortgage market. The range now on offer to borrowers is considerable, and is set to continue whether Help to Buy is extended or not.
Not only are there now more deals available for those with smaller deposits, but interest rates have also reduced over the last few months. Rates at lower loan-to-values have already hit rock bottom, and as a result lenders have begun to look at the ‘riskier’ end of the spectrum. With more lenders and more deals, comes greater competition, and this can only be welcome news for First Time Buyers.
Of course potential borrowers will still be required to demonstrate that a mortgage is affordable, and pass the necessary credit checks. The Mortgage Market Review has resulted in tougher lending criteria and underwriting procedures across the board, but this in itself has given lenders a greater level of confidence to compete more actively for business.
Saving for a deposit is still a difficult task, but with a greater number of deals and lower interest rates on offer, the boost from Help to Buy has been a noticeable one, leaving the higher LTV market in a much healthier place.
If you are considering a high loan-to-value mortgage and need mortgage advice, then please speak to the Guild Mortgage Service provided by fee free L&C Mortgages.
You can contact L&C mortgages on: 0800 073 1945
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