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There's no place
like home

We’ve been speaking to people who are planning to buy their first home.*

We asked them questions about how Covid-19 has impacted their plans, their feelings towards buying a house for the first-time and what their experiences have been so far.

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More than 2/3

told us owning a property
was one of their top three
life goals

72%

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

...Saving to make
the dream a reality

For most people who want to become a homeowner, a nice pot of savings will go a long way to achieve their goal. So how are prospective first-time buyers feeling about saving up to buy that first home and how has their progress been affected by Covid-19?

98%

of first-time buyers planning
to buy in the next three
years are saving towards
their first home

On average, they are saving £336 a month towards this goal
44%

told us they had been able to
save more during the
lockdown than they were able
to previously

But26%

said the impact of Covid-19 had meant they were now saving less

And32%

said not being able to save enough for a deposit was one of the biggest barriers to buying a home

But26%

said the impact of Covid-19 had meant they were now saving less

Mortgage Finder

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

46%

of first-time buyers have been saving using regular savings accounts

We have a range of savings accounts that could be a great way for you to start saving for your first home.

To help you work out which kind of account would suit you best, see our...

Compare savings accounts tool

Help from the bank of mum and dad...

Financial support
from parents
39%

of potential first-time buyers expect financial support from parents

Financial support
from other
relatives
18%

anticipate financial support
from other relatives



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

How do would-be first-time buyers feel about buying a home?

53%

think that house prices will rise over the next five years

And61%

say owning their own home is more important to them now than it was before Covid-19

And77%

still believe that owning a home is a good financial investment

Fixed Rate
Mortgage Deals

A fixed rate mortgage means that your interest rate and the amount you pay
for your mortgage each month, remain the same over the fixed rate period.


Find out more about fixed rate mortgages and take a look at some of our Fixed rate mortgage deals.

Fixed rate mortgage deals
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.

35%

of first-time buyers said they didn’t understand the house- buying process

92%

said they thought they would
need guidance during the
process

Handy Tips

Read our handy guides to applying for your first mortgage and buying your first home.

Men & Women

How our priorities and
expectations can differ

  • Men

  • Women

What do you look for in a home?
  • Desirable Location
  • Garden and outside space
Has Covid-19 made the process of buying a home easier or harder?
  • 43%

    of men said it would make it
    easier

  • 40%

    of women thought it had made it
    harder

Owning my own home is more important to me now than it was before the impact of Covid-19
  • 64%

    of men agree

  • 58%

    of women agree

Owning my own home is a good financial
investment for the future
  • 74%

    of men agree

  • 82%

    of women agree

Both men and women

would be most willing to compromise on buying a smaller property than initially hoped

Where
might you
buy your
first home?

This depends on many factors – some of which
we’ve talked about above. For most of us,
affordability is one of the most important
considerations when choosing a home.

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

*All figures, unless otherwise stated, are from research conducted by Opinium Research, with a sample of 2,001 prospective first-time buyers (defined as people who are intending to buy their first home within the next three years). Fieldwork was carried out between 11 August and 18 August 2020.

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