First-time buyers teaming up to secure first-time buyer mortgages

Published: May 07, 2008

An increasing number of first-time buyers are choosing to club together in order to secure a first-time buyer mortgage, it has been revealed.

According to Moneyextra, the percentage of first-time buyer mortgages with dual income applications now stands at 44.79 per cent, the highest level on record.

What's more, many first-time buyers have been able to drive down asking prices as buyers gain the upper hand in the housing market.

The average property value now being considered by first-time buyers is £170,559 - down 5.75 per cent on March levels.

"While it may be getting tougher to get a mortgage now, it would appear that those first-time buyers who are in a position to buy are driving much harder bargains with sellers," commented Robin Amlot, senior editor of Moneyextra.com.

"Housing is very definitely a buyers' market now rather than the sellers' market that existing homeowners had become used to."

However, the average first-time buyer now has a typical loan-to-value ratio of 82.89 per cent on their first-time buyer mortgage.