According to figures reported by HMRC in November 2018 - 58,800 first time buyers claimed Stamp Duty exemption in the third quarter of 2018. HMRC declared that Stamp Duty receipts fell 10% to £2.3 billion as a result.
First Time Buyers increasing
The figures support other data released in summer 2018 showing the number of first time buyers is increasing. In October 2018 figures published by the Financial Times confirmed that the number of new mortgage loans rose to its highest level since June 2017 and UK Finance figures showed that 35,500 new first time buyers completed their mortgage in August 2018. The value of lending to first time buyers also increased by more than 5 per cent to £6.1 billion. The average age of a first time borrower was 30 years old compared to 39 years of age for people moving house.
‘We are seeing many first time buyers contact us for mortgage advice. The average age of a first time buyer is now 30 years old as more young people wait to save a deposit before purchasing their first home. The government’s help to buy scheme is encouraging first time buyers to consider purchasing their first home. The government has also made it more expensive for some buy-to-let investors to own properties so there is now more opportunity for first time buyers to get onto the housing ladder.’
‘If you are a first time buyer you could benefit by getting mortgage advice from a mortgage adviser as our clients find that using our mortgage broking team saves them time, and they feel reassured that they have chosen the right mortgage product as we review the various mortgages available and consider different lenders to find a suitable mortgage product. If you speak to one of our mortgage brokers based in St Albans we will assess your financial circumstances and then review the mortgage market for you. For more information read: Why use the Lonsdale mortgage advice service? Lonsdale Mortgages do not typically charge a fee for their services, we receive commission from the provider except in instances where we organise additional borrowing for a client with their existing lender, as some providers do not offer commission.’
"As a mortgage is secured against your home, it could be repossessed if you do not keep up the mortgage repayments."
For more information read: Amy Kadir – Why use a mortgage broker, Amy Kadir – St Albans gets excellent mystery shopper score;