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Nine in 10 of FTB applications through brokers go to offer
What is more four in five (81%) of those offers went to completion, up from seven in 10 (70%) the year before.
Overall seven in 10 (71%) of first-time buyer applicants achieved their aim of securing a mortgage in 2017, compared with just half (50%) in 2016.
Kate Davies, executive director of IMLA, said: “In particular, first-time buyers have benefited from widely available and competitively priced deals, even before the extra confidence boost of the stamp duty exemption announced in the Autumn Budget.
“It is encouraging to see that mortgage repayments have remained stable even as more first-time buyers make the step up onto the housing ladder.
“With the Bank of England base rate on a slow upward trajectory, lenders remain firmly focused on rigorous affordability tests so that borrowers do not overstretch themselves to achieve their ambitions.”
Source: Mortgage Introducer 01/03/2018
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Select Mortgage Solutions is an appointed representative of Stonebridge Mortgage Solutions Limited which is authorised and regulated by the Financial Conduct Authority.