We think so. Take the stress out of homebuying with a qualified adviser.

Buying a house is one of the biggest financial commitments you can make and, for most of us, a mortgage is an essential way to get there. But the mortgage market can be complex, and the time and effort demanded by the homebuying process can be substantial.

Working with a qualified mortgage adviser can make things a lot easier. Here are five reasons to consider seeking mortgage advice.

They know the market

There’s a plethora of providers and products out there beyond the big high-street brands. But navigating the market is a mortgage adviser’s bread and butter. They’ll use their deep knowledge of different lenders and products to recommend the right mortgage for your situation, doing all the research so you don’t have to.

That can be especially valuable if your financial circumstances might limit your options, for example if you’re self-employed or have blips in your credit history. Mortgage advisers know which lenders are more comfortable taking on people in your situation, and they’ll help you adjust your finances to give you a better chance of meeting a lenders criteria.

They know what a good deal looks like

Low rate might seem like the most attractive option but other factors, like fees, loan conditions and the term, can have a substantial impact on the overall affordability of a mortgage.

An adviser will help you look beyond the headline rate and understand the total costs associated with a given product. That could save you thousands or even tens of thousands in the long run.

They do the hard work for you

Advisers do so much more than just find you a mortgage. They’ll help you complete your paperwork, liaise with solicitors and surveyors on your behalf and suggest other products to help boost your financial security.

You can do all this yourself if you wish, but support from a qualified adviser could alleviate a lot of the stress associated with buying a house, especially if it’s your first time.

They’re highly qualified

Our mortgage advisers are fully qualified and work to rigorous standards of excellence that ensure they provide fantastic service. They’re backed up by knowledgeable head office teams and they have a fantastic range of lenders and products to choose from. No matter your situation, they’ll find the right mortgage for you and make the homebuying process as smooth as possible.

Still not sure if advice is right for you? Contact one of our advisers today for a no-obligation chat about your mortgage needs.

YOUR HOME MAY BE REPOSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.

Chapelgate Private Finance is a trading name of Chapelgate Associates Ltd which is an appointed representative of Altura Mortgage Finance, which is authorised and regulated by the Financial Conduct Authority.

We break down seven common costs associated with buying a home.

A deposit is the tip of the iceberg when it comes to buying a home. From legal fees and buildings insurance to stamp duty and removals, there’s a host of smaller costs that can rapidly build up if you’re not careful.

The average move comes to just over £10,000 for a house worth £292,000 in 2025. The actual cost of moving for you will depend on the value of your house, whether you’re a first-time buyer, the type of survey you get and much more. Let’s unpack seven common costs and help you get ready for your next move.

Advice fee

An adviser takes a lot of the hassle out of the mortgage process. They do all the research for you, and they might be able to find exclusive deals and discounts. They can help you find a specialist mortgage if you have a small deposit, you’re self-employed or haven’t been with your employer for long. They’ll often help with the paperwork and explain all the industry jargon too. And you’re secure in the knowledge that they’ll only recommend mortgages that are right for your needs.

Naturally, all these benefits attract a cost. Our advisers always outline their fees at the start of the process so you know exactly what you’ll be paying.

Mortgage fees

You’ll need to pay your lender a few administrative fees when you apply for a mortgage. Comparing these fees across lots of different deals can get confusing, and some of them can have a significant impact on the overall cost of your mortgage. Fortunately, our mortgage advisers can help you understand them.

A booking fee effectively reserves the loan whilst your application is processed and is typically £100 to £200.

An arrangement fee covers the cost of setting up your mortgage. Some lenders charge flat fees whilst others charge a percentage of the loan, which can get expensive if you’re taking out a large mortgage.

A valuation fee pays for the lender’s survey of your property to make sure it’s priced appropriately. The valuation also confirms how much they’re willing to lend you. This can cost between £100 and £300 depending on the property, but some mortgages come with free valuations.

Homebuyer survey

You don’t need a homebuyer survey, but an inspection of your new home gives you peace of mind. It’ll also highlight any potential problems, which could save you thousands in repairs. The cost of a survey varies from £400 for a basic inspection up to £1500 for a thorough one. Our advisers can point you towards reputable chartered surveyors.

Legal fees

These pay for a solicitor to do the legal paperwork for you, a process known as conveyancing. Legal fees can vary depending on the level of service you want and the experience of the solicitor, but it’s wise to allow around £2,000 to make sure you’re covered.

Home insurance

Your lender will need you to take out buildings insurance to protect your home from fire, floods and other damage. It’s often a good idea to get contents insurance to cover your possessions too, and many insurers offer combined deals. The average cost of combined buildings and contents insurance is around £400 but, as with most insurance, it’s worth shopping around to find a good deal.

Stamp Duty

Most homebuyers need to pay stamp duty, but exactly how much you pay depends on the value of your home, whether you’re a first-time buyer, whether you own other property or if you’re eligible for an exemption.

From 1 April 2025, stamp duty rates are as follows:

There are plenty of online calculators you can use to work out how much stamp duty you might need to pay, but our mortgage advisers can help with this too. Check the government website for a full list of rates, additional charges and exemptions.

Moving costs

Once you’ve got the keys, it’s time to start packing things up. Removal costs vary dramatically depending on how much (and how far) you’re moving. You could pay as little as £400 to move out of a 1-bedroom flat and over £2,300 to move from a 4-bedroom house, so this is one area where planning (and saving) ahead is crucial.

Understanding the costs of buying a home can help you get prepared for moving day and avoid any unwelcome financial surprises.

Take the stress out of homebuying, Talk to one of our advisers today if you’re in the market for clear, non-nonsense mortgage advice.

YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.

Chapelgate Private Finance is a trading name of Chapelgate Associates Ltd which is an appointed representative of Altura Mortgage Finance, which is authorised and regulated by the Financial Conduct Authority.

Sources:

https://hoa.org.uk/cost-of-moving-house/

https://www.nimblefins.co.uk/best-cheap-uk-home-insurance/average-cost-home-insurance

Stamp Duty Land Tax: Residential property rates – GOV.UK

We’re here to help. We are mortgage advisers and we can help you navigate the self-employed mortgage market and any of the challenges you may face.

What is a self-employed mortgage?

There isn’t a specific product called a self-employed mortgage, you will be applying for the same mortgages as those who are employed. The key difference is that lenders look at self-employed earnings differently and have lending criteria that considers borrowers that do not have an employer to back up their earnings.

So, when it comes to applying for a mortgage, you will need to prove your income will cover your monthly mortgage payments.

How do I prove my self-employed income?

The documents lenders require as proof of income will depend on how you run your business and will be different for sole traders, partnerships, limited company directors and contractors. These proof of income documents could include tax calculations, tax year overviews, tax returns, business accounts, and bank statements.

You will usually be required to provide at least two to three years of business accounts and bank statements to prove that you have been earning consistently for some time. But if you haven’t, don’t feel you’re automatically written off, even if you’ve only been trading for a year – it’s possible we can source a mortgage for you.

Seeking advice is a good thing

If you’re self-employed, it makes sense to get a helping hand from a mortgage adviser.

We’ll help you compile all the documents you need and help you access a wide range of mortgages including those that are only available from specialists – who may offer more flexible options. An expert in your corner can find a solution that’s completely tailored to your needs.

Ready to get started? Speak to an expert self-employed adviser today.

Call 020 7317 7311 or drop them an email on info@chapelgateprivatefinance.com

Chapelgate Private Finance is a trading name of Chapelgate Associates Ltd which is an appointed representative of Altura Mortgage Finance, which is authorised and regulated by the Financial Conduct Authority.

With gifts and loans from the Bank of Mum and Dad totalling a whopping £9.4bn in 2023, it would be one of the UK’s biggest if it was a real bank or lender. Given the clear affordability challenges still facing house buyers – particularly first timers – that figure only looks to set to increase.

Whether it’s the Bank of Mum and Dad, Nan and Grandad or the Bank of Family, first-time buyers (FTBs) up and down the country continue to call on their loved ones for that extra support. While the most obvious method is by helping to fund deposits, there is actually a number of ways a parent or family member can help make buying a house a reality.

Deposits

Let’s start with the most obvious one. Through a gift or a loan from family, FTBs are able to boost their deposits. This can help with just getting onto the ladder, or perhaps squeaking into a better loan-to-value bracket – helping to unlock more desirable interest rates.

Given the cost pressures, high inflation and ever-higher rents that have limited the ability of renters to save up for a deposit, it’s not hard to see why this support is needed. According to research by L&G, around 68% of the total value of the Bank of Family goes towards deposits, equalling £5.6bn.

Most lenders will allow you to use a gift or loan to help make up or cover a mortgage deposit. You will be asked to provide proof that it is indeed a gift, or if a loan, how this will be repaid.

Joint Borrower, Sole Proprietor (JBSP)

Beyond the gifting or loaning of money, family members can also support their loved ones through a joint borrower, sole proprietor mortgage. Also known as an Income Booster mortgage, this is where multiple people come together to buy a property, but just one person owns the home.

This can be up to four people using their combined income and can include parents, but also siblings, other family members or even friends in some cases. There’s no expectation for the other parties to commit towards the deposit, but they will be liable if the property owner is unable to make the repayments.

It may not be a product that every lender offers, but there are certainly options available. There’s much to consider too, particularly given the joint liability, making a mortgage adviser a good person to speak to if you’re considering a JBSP mortgage.

Guarantor

A similar proposition is a guarantor mortgage, where another person – typically a parent of family member – takes responsibility for the mortgage payments if you’re unable to pay. Similarly, they won’t own a share of the property or be named on the deeds.

They may however be expected to offer up some collateral to give the lender that extra protection should you fail to keep up with the payments. This can be in the form of savings, or by securing the mortgage against their own property.

As the famous saying goes, terms and conditions apply – as do certain exclusions depending on the lender. Like JBSP, it’s a big decision to make – especially for the guarantor – but a mortgage adviser is best placed to run through the all the options.

Speak to an adviser

While it is certainly tougher for first-time buyers to get onto the ladder, there is a wealth of options available to try and support that first step. That is definitely the case if Mum and Dad or wider family members are able to provide some assistance, either through a gift or loan, or through supporting your mortgage application.

As mortgage advice experts, we can help you explore all the options available to you and if you’re not quite in a position to buy, we can help put the steps in place to help you get there.

To book your appointment with us, please call 020 7317 7311 or email, info@chapelgateprivatefinance.com.

YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.

Chapelgate Private Finance is a trading name of Chapelgate Associates Ltd which is an appointed representative of Altura Mortgage Finance, which is authorised and regulated by the Financial Conduct Authority.

A 100% mortgage is, very simply, a home loan which allows the buyer to purchase a property without putting down any money (or a deposit) up front.

Prior to 2008, it was common for lenders to offer deposit-free mortgages as standard, with some even allowing consumers to borrow more than the property’s value for living expenses. But 100% mortgages were a notorious casualty of the 2008 financial crisis, and such products were pulled from the housing market in the aftermath of the crash.

Fast forward to 2023, and a crisis of a different kind. In response to the very real difficulty first-time buyers have faced when purchasing a first home, some lenders began to offer 100% mortgages once more.

So if you want to buy a property that is worth £325,000, you would be able to borrow £325,000.

Any lender offering such a product will expect potential first-time buyers to have good credit history and will look at debt-to-income ratios – how your monthly debt payments compare to your monthly income.

The pros

The most obvious pro is that no house deposit is required. Skipton Building Society found that nearly 4 in 10 renters spend 45% of their income on rent or other living costs, which makes saving for a deposit very hard.

100% mortgages also increase homeownership opportunities and give greater flexibility in terms of financial planning. Certain lenders are even offering cashback to borrowers or providing specific products that consider your track record for paying rent.

The cons

According to Money Supermarket, almost all 100% mortgages will have to be guarantor mortgages, meaning that a family member or close friend must commit to using their own savings as security against the loan.

With these loans posing a higher risk to the lender, first-time buyers who take out these products will almost certainly pay higher interest rates. They are also likely to face much stricter lending rules. This can be particularly hard for those who have low credit scores and may not be able meet a lender’s eligibility criteria.

While options exist in the market, they are certainly not as widely available as more traditional mortgages. If you’re looking solely to purchase without a deposit, it can restrict your options.

Perhaps the biggest drawback is the risk of getting into negative equity. If the buyer wishes to eventually sell, and the property’s value decreases, the buyer will owe more on the home than it is worth.

If in doubt, seek advice 

As experts in mortgage advice, we can help you navigate the many different products on the market, as well as schemes aimed at first-time buyers, to work out what is actually the right and most affordable option for your individual circumstances.

To book your appointment, please 020 7317 7311 or email info@chapelgateprivatefinance.com

YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.

Chapelgate Private Finance is a trading name of Chapelgate Associates Ltd which is an appointed representative of Altura Mortgage Finance, which is authorised and regulated by the Financial Conduct Authority.

Applying for your first mortgage is an exciting milestone, but it can also feel overwhelming. Lenders assess numerous factors to determine your eligibility, and some seemingly minor financial decisions can significantly impact your application. To help you secure approval, here are six key areas to focus on before applying for your first mortgage.

1. Changes to outgoings
   Lenders consider your affordability based on your income and regular outgoings. Making significant financial commitments or increasing expenses before your application can reduce the amount you’re eligible to borrow. Avoid taking on new subscriptions, expensive memberships, or other recurring costs that could make lenders question your ability to manage mortgage repayments.
2. New credit applications
   Every time you apply for credit, such as a credit card, loan, or car finance, it leaves a mark on your credit report. Multiple credit applications in a short period can make lenders wary, as it may indicate financial stress. Before applying for a mortgage, avoid taking on new credit and focus on keeping your existing credit lines in good standing.
3. Outstanding debt
   High levels of outstanding debt can impact your debt-to-income ratio, a crucial factor in mortgage applications. Lenders assess whether you can comfortably afford mortgage repayments while managing existing debts. Paying down credit card balances, personal loans, and overdrafts before applying can improve your affordability and overall creditworthiness.
4. Electoral roll registration
   Being registered on the electoral roll at your current address helps lenders verify your identity and residence history. Not being registered can cause delays in your application or even lead to rejection. Check your voter registration status and update it if necessary before submitting your mortgage application.
5. Employment stability
   Lenders prefer applicants with stable employment or self-employment and a consistent income. Frequent job changes or being in a probationary period may weaken your application. If possible, avoid switching jobs right before applying and ensure you have at least three to six months of payslips to demonstrate a reliable income.
6. Excessive gambling
   Lenders scrutinise your bank statements to assess financial stability. Regular or excessive gambling, even if you can afford it, raises red flags about risk and financial management. If your statements show large or frequent gambling transactions, lenders may view this as a sign of financial instability, potentially affecting your approval chances.

Final thoughts

Taking the time to manage your finances before applying for a mortgage can improve your chances of approval and secure better loan terms. Avoid excessive gambling, limit unnecessary spending, reduce outstanding debt, and maintain a stable financial profile. If you’re unsure where to start, speaking with a mortgage adviser can help you navigate the process and find the right mortgage option for your situation.

To book your appointment with a mortgage adviser, please call 020 7317 7311 or email info@chapelgateprivatefinance.com

YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.

Chapelgate Private Finance is a trading name of Chapelgate Associates Ltd which is an appointed representative of Altura Mortgage Finance, which is authorised and regulated by the Financial Conduct Authority.

According to a recent report from Skipton Building Society, the first step onto the property ladder is the hardest.

There’s no question that it can all seem very daunting for first-time buyers who want to purchase their first home. For those saving hard to get a deposit together, it is important to note that this is just one outlying cost of moving house.

One of the biggest additional costs to factor into a house move is stamp duty. Stamp duty is a tax paid by the buyer of a residential property.

The eagle-eyed among you may have spotted that stamp duty relief for first-time buyers will be changing after March 31, 2025. This means that the threshold at which first-time buyers pay stamp duty land tax will decrease from a property value of £425,000 to a value of £300,000. With the average house price in England being £309,000 in September 2024, it’s very likely that buyers will have to factor in increasing costs.

What other costs are associated with moving and buying a home? 

In addition to stamp duty and a deposit, other costs to consider for any house purchase include:

• Conveyancing fees – you will need to budget for the legal process involved with buying a house, which includes legal fees, any searches carried out on the property or local area, and registration fees. According to the HomeOwners Alliance, this can cost in the region of £1,800.
• Surveys – an important aspect of your first house purchase is considering which survey to opt for to examine the construction and condition of the building before you commit to buying. Depending on the level of survey, prices can range from around £300 for the most basic survey, to £1,500 for the most comprehensive.
• Mortgage valuation – whichever lender you choose, they will conduct a process to determine how much they believe the property is worth, usually at a cost of roughly £300.
• Mortgage arrangement fees – also known as a product fee, this is charged by the lender for setting up a mortgage deal or for providing access to better mortgage rates. This can be paid up front or adding to the mortgage – just beware that with this option, you will pay interest on the fee.
• Removal fees – the all-important transportation of your worldly goods to your new home will cost anything from £450 to £1,400, according to the HomeOwners Alliance.

How can first-time buyers minimise costs when buying their first home? 

It is always advisable to shop around to get the right deal; get a few quotes from different companies to compare prices and packages. Reviews can also be a valuable tool, whether it’s a good conveyancing firm or removals company to ensure you are dealing with a reputable and proven firm.

Consulting a mortgage adviser is also an excellent way to talk not just about your mortgage, but how to truly understand all the associated costs that come with buying your first house. It can certainly be daunting if you’re a first-time buyer, but with the help of a mortgage adviser, they will be able to help you factor in those costs into the overall cost of your move, making sure it fits within your budget. Your mortgage advisers will also be able to recommend a surveyor and conveyancer.

To book your appointment with a mortgage adviser, please call 020 7317 7311 or email info@chapelgateprivatefinance.com.

YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.

Chapelgate Private Finance is a trading name of Chapelgate Associates Ltd which is an appointed representative of Altura Mortgage Finance, which is authorised and regulated by the Financial Conduct Authority.

Any first-time buyer trying to save up for a deposit to purchase their first home may feel daunted by how expensive the housing market is.

There is no doubt that it is much more difficult to get your foot onto the property ladder than ever before. In 2023, House Buyer Bureau reported that house prices today are 8.8 times people’s average earnings, which – it says – has more than doubled since the 1970s.

And in its Home Affordability report, Skipton Building Society found that of the top 25% of earners, just 44% of first-time buyer households could afford to buy in their local area.

So what can first-time buyers do to maximize their savings and earnings, to buy a property to call their own?

Help is at hand! 

Successive governments have recognised the need to provide help for first-time buyers in the form of different schemes and savings policies to give them the best chance of owning their own homes.

Introduced by the UK government in 2017, the Lifetime ISA allows people to save £4,000 each year towards their first home, with a tax-free government bonus of 25% capped at £1,000 per year. The Lifetime ISA is now offered by a range of different providers, banks and building societies.

Alongside help to save for your deposit, schemes also exist to help first-time buyers purchase their first home too. Perhaps the most high-profile example of this was Help to Buy, where the government would lend a proportion of the cost of a new-build home as an ‘equity loan’, which was interest-free for five years. This made it easier for first-time buyers to buy with a smaller deposit.

After helping more than 300,000 first-time buyers get onto the property ladder, Help to Buy closed in England and Scotland. However, a version of the scheme is still available in Wales.

What options are available now?

In the absence of Help to Buy, first-time buyers can access the Shared Ownership scheme. This is a government-backed scheme where people buy a home by purchasing a share of the property and then pay rent on the rest. As your financial situation changes, you then have the opportunity to buy a larger share of the property through something called “staircasing”, which reduces the amount of rent paid.Other alternatives include the First Homes scheme. This allows first-time buyers who are purchasing a new build or a home previously bought through the scheme to buy property at 30% to 50% less than its market value, as long as they earn under a certain threshold and meet the rest of the criteria. First-time buyers can also investigate the Deposit Unlock scheme, which is a collaboration between housebuilders and select lenders where first-time buyers can purchase a new build home with a 5% deposit.

Furthermore, there’s a government-backed mortgage guarantee scheme which also allows buyers to use a deposit of just 5%. It provides lenders with the option to buy a guarantee – almost like an insurance policy – to offer 95% loan-to-value (LTV) mortgages to creditworthy customers.*

Seeking advice can make a difference

While it can be challenging for first-time buyers to make that step onto the property ladder, options and support are available. If you’re looking buy your first home and you’re not quite sure which scheme is best or if you’re even eligible, a good place to start is by speaking with a mortgage adviser.

As well as helping you find the right mortgage deal for your individual circumstances, as expert mortgage advisers, we can suggest other ways to make your money go further when buying your first home.

To book your appointment with us, please call 020 7317 7311 or email info@chapelgateprivatefinance.com.

YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.

An ISA is a medium to long term investment, which aims to increase the value of the money you invest for growth or income or both. The value of your investments and any income from them can fall as well as rise. You may not get back the amount you invested.

Chapelgate Private Finance is a trading name of Chapelgate Associates Ltd which is an appointed representative of Altura Mortgage Finance, which is authorised and regulated by the Financial Conduct Authority.

A glance at the news over the last 12 months or so would suggest that mortgage rates are a very hot topic indeed.

For the last 14 years, mortgage rates – the interest rate charged on the money borrowed to purchase a property – have tended to be low, because interest rates, in general, have remained low.

But Liz Truss’s mini budget in September 2022 had a significant impact on mortgage rates; many mortgage products were withdrawn in the aftermath of the fiscal event, and interest rates rose very sharply which made monthly mortgage payments much more expensive for homeowners.

The good news is, according to a report from Moneyfacts Group, mortgage rates have come down since peaking in 2023. And while rates do not currently match the lows of the last 14 years, for first-time buyers, it is imperative that they seek the most affordable rate for their circumstances when purchasing a first home.

What are the different types of mortgage?

There are two main types of mortgage rate: fixed rate, where the interest stays the same for a set number of years, usually 2, 5, or 10 years, and variable rate, where the interest rate can change.

Fixed rate mortgages are the most popular option, with 74% of homeowner mortgages taken out on a fixed rate contract according to UK Finance, and 96% of new borrowers choosing this option since 2019.

One reason why they are popular is because it can be easier for borrowers to budget as the monthly payments stay the same until the fixed-term period ends. Also, they will not be affected by interest rate rises during the term of the mortgage. Equally, they also won’t be affected if the interest rate falls. However, with stability around monthly payments, many are happy with this potential trade-off.

A variable rate means that the amount you pay each month can go up or down, usually in line with the Bank of England base rate of interest, which means monthly payments are much more unpredictable.

If we are in a period where we could see the base rate cut – or multiple rate cuts – some borrowers may opt for a variable rate mortgage to help reduce their total mortgage payments. However, this comes with an element of risk as interest rates can always fluctuate in both directions.

You may also have heard of a standard variable rate. This is the interest rate a lender charges after the initial fixed rate ends. SVRs are usually higher than other mortgage products and can change at any time. As a result, many borrowers will look to remortgage or transfer to a new product with the same lender to capitalise on another fixed-rate period.

Seek advice to get the right deal 

Not sure which option is best for you? A financial adviser can be your best friend when it comes to choosing a mortgage that works for you.

They have access to a huge variety of deals available on the market and can help you select the right one to suit your individual circumstances. They will work with you to budget confidently and make sure you have enough money each month to be able to comfortably afford your mortgage payments – along with other living expenses.

To book your appointment with a financial adviser, please call us on 020 7317 7311 or email info@chapelgateprivatefinance.com.

YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.

Chapelgate Private Finance is a trading name of Chapelgate Associates Ltd which is an appointed representative of Altura Mortgage Finance, which is authorised and regulated by the Financial Conduct Authority.

For first-time buyers in 2025, the property market is in stark contrast to when previous generations bought their first homes.

The average first-time buyer in 1960 paid a deposit of just £595 (roughly £12,738 today) compared to an average of £53,424 in 2024.

A recent report by Skipton found that just one in eight potential first-time buyers can buy a home in their local area, and of this same group, 80% have insufficient deposit savings to get onto the property ladder where they live.

What are the barriers to homeownership?

As house prices have risen and risen, wages have failed to keep pace. In addition, the last few years have seen the UK hit with economic turmoil as a result of Brexit and the Covid-19 pandemic, meaning recovery has been slow. Households have had to withstand extremely high interest rates and inflation which has led to goods and services costing much more than usual.

As a consequence, many potential first-time buyers are unable to save sufficiently for a deposit because, according to Skipton’s report, around four in ten renters spend 45% or more of their income on essential housing costs, which further compounds their ability to save up for a deposit.

High house prices, job instability, and a cost-of-living crisis have therefore contributed to a vicious cycle whereby those who are renting are unable to realise the dream of home ownership because almost all of their income is spent on just getting by.

What help is available to would-be first-time buyers today?

Happily, there are a number of government-backed schemes such as the Lifetime ISA, First Homes Scheme, shared ownership and products from specialist lenders that are aimed at alleviating some of the burden of buying a first home.

Whatever your circumstances in the lead up to buying your first property, an important step you can take is speaking to a trusted mortgage adviser.

A mortgage adviser can help you to understand your level of affordability, and the various different products that may be available for you.

This is not a one size fits all process, and a mortgage adviser will be able to the right steps to take including identifying the right lender and product for your individual situation, as well as discussing with you how to bring down the overall cost of your move.

To book your appointment with a mortgage adviser, please call us on 020 7317 7311 or email info@chapelgateprivatefinance.com

YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.