What the papers said about First-Time Buyers and older borrowers

Both the Times and Financial Times reported this weekend on recent figures from UK Finance, which show an increase in the number of mortgages given to First Time Buyers last year. Their latest Mortgage Trends Update reveals that the number of first-time buyer mortgage completions in 2018 was the highest since 2006. Experts pointed to a number of factors that have helped people step onto the first rung of the ladder, including competitive interest rates, more available deals, and the use of Government schemes such as Help to Buy. At the other end of the market, the Sunday Telegraph looked at Retirement Interest Only mortgages. In March 2018, the Financial Conduct Authority relaxed their rules on this type of loan, making it easier for lenders to offer them. As we approach the one year anniversary, interest rates are still higher than more traditional mortgages, and only a small number of lenders currently offer them. The market is expected to grow however, with two more lenders launching products in the last week, and this could lead to more competitive rates in the future.