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The pursuit of a home

We’ve been speaking to lots of different people about home ownership – some of whom were making plans to buy their first home and some who had recently bought a home.

We asked them questions about their feelings towards buying a house for the first time and what their experiences have been so far.

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Over 1/3

now feel that owning a home is more important than getting married or having children.

39% Potential First Time Buyers
33% Actual First TIme Buyers
69%

feel that owning a home is ‘essential’ to feeling like they had succeeded in life.

69% Potential First Time Buyers
69% Actual First Time Buyers

...Saving for their first home

It’s no secret that having a nice pot of savings is a springboard into home ownership - so how are potential first time buyers feeling about their saving opportunities and what are they doing about it?

88%

of young adults are already saving to buy their first home.

88% of people aged 18-24
10%

expect that it will take a decade to save enough to be ready

60%

didn’t realise they’re planning on saving less than the UK average deposit required.

Source: http://www.yourmoney.com/mortgages/33k-average-deposit-now-put-first-time-buyers/

Mortgage Finder

Get an idea of what mortgages are available for your planned deposit using our Mortgage Finder.

Some would-be first-time buyers are now saving using

Cryptocurrency (Such as Bitcoin, Litecoin)2% Potential First Time Buyers
Over 1/3

are looking to save longer in order to buy a

detached

property as their

first home 34% Potential First Time Buyers

Plus many first time buyers have been saving using

Help to buy ISAs 43% Potential First Time Buyers
41% Actual First TIme Buyers

Our Help To Buy ISA might be a great way for you to start saving for your first home.

Find Out More

Getting a little help...

Over 1/3

live with their family or friends while trying to save for their first home.

38% Potential First Time Buyers

Expectation for

Financial support
from parents

is increasing

38% of Potential First Time Buyers expect financial support from parents.


1/2

of recent first time buyers received financial support from their parents.

50% Actual First Time Buyers
Offset plus

Our Offset Plus mortgage allows your family or friends to reduce the cost of your Offset mortgage using their savings.

Find Out More

An offset mortgage is a way of linking your mortgage with your savings to provide you with a way to use your savings to reduce the cost of your mortgage.


Instead of earning interest on your savings, you will reduce the amount of interest charged on your mortgage so you can reduce your repayments or the term of your mortgage.

Taking the next step

Looking at the trends for those that have either already managed to buy their first home or are now in a financial position to commit.

90%

believe that owning a home is a good financial investment.

89% Potential First Time Buyers
91% Actual First Time Buyers

57%

think that house prices will rise over the next five years.

58% Potential First Time Buyers
56% Actual First Time Buyers

First Mortgage
Expectations


3in5

expect their first mortgage will be fixed-rate

62% Potential First Time Buyers
2in5

expect their first mortgage deal to be a 5 year fixed-rate.

Perhaps prompted by uncertainty of the Bank Base Rate. 43% Potential First Time Buyers

5 year mortgage deals

Take a look at some of our 5 year mortgage deals

5 year mortgage deals

The cost of monthly repayments

is still the main thing people look for when choosing a deal.

Calculate your mortgage payments
The Interest rate is the rate you will pay during the term of the Product. If you're not sure what to enter, a good place to start could be our Standard Variable Rate, currently 4.99%.

Based on your details, your monthly repayment could be: per month

Loan to value

Please note
This information does not contain all of the details you need to choose a mortgage. Make sure that you read the separate Key Facts Illustration before you make a decision.

Half

of first time buyers said they didn’t understand all of the information in the house-buying process.

48% Potential First Time Buyers
Handy Tips

Our handy tips guide on mortgage applications might give you some useful tips.

Handy tips

Men & Women

How our priorities can differ

Interesting thing you look for in a home?
  • Broadband connectivity
  • Good outside space
What do you look for in a location?
  • A desirable setting (ie. coastal / urban)
  • Closeness to family & friends
Making the decision to buy
  • More impulsive to commit quickly
  • Take more time to consider the options

Both men and women

feel that commuting distance and transport links are equally very important.

Where might you buy your first home?

Of course this depends on many factors – some of which we’ve mentioned above, but it’s safe to say that for most of us, affordability is the key.

House prices across the UK vary dramatically – plus you need to consider how much you can afford to pay based on your current wage.

We’ve created an affordability map which shows the average house prices and average yearly wages for local authority regions across the UK.

UK Affordability Map

Download
the report

To find out more about what first time buyers think, you can download our full report.

Download report (3534 KB)