Can your customers afford to get on the property ladder?

23 March 2018

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Did you know?

Research has shown that the average house price in the UK is over 6 times the average salary. This leaves an average salary gap of more than £6,000 needed to get a mortgage*. For first time buyers especially, this is a huge obstacle to getting on the property ladder.

We’ve taken the data for each region of the UK to show where the biggest salary deficits are. Take a look at our map to see how affordability is in your area.

Our solution

Our innovative First Start product could help solve this affordability problem. It gives your first time buyers more borrowing power. By combining their income with that of a sponsor they could borrow more, responsibly.

Find out more about First Start.

* Based on the general practice of approving a mortgage of 4.5 times a buyer’s salary.

Source: https://www.emoov.co.uk/news/2017/05/12/average-uk-house-price-wage-ratio-now-x-6-05-12-05-capital/

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Change to your customers’ mortgage payment

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Following the Bank of England Base Rate (BBR) change announced on 11th March, if your customers have a mortgage with us that’s on our Standard Variable Rate or is linked to the BBR, their monthly payment will change from 1st of April 2020. They should have received a letter from us by now telling them how much their new monthly payment will be. We’ll write to them by 9th April if the BBR cut announced on 18th March also affects them.