Overview
- Lloyds released new analysis of its mortgage approvals alongside a first-time buyer loan that accepts deposits from £5,000.
- East Ayrshire ranked as the UK’s most affordable spot for first-time buyers at an average £147,353, with most top-10 areas clustered in Scotland and the North of England.
- Ribble Valley in Lancashire recorded the youngest average first-time buyer age at 27, compared with a UK average of 32.
- The new offer targets properties up to £300,000 with borrowing reported up to 4.5 times income, and some coverage cites a five-year fixed rate near 5.89% with terms up to 40 years.
- Results draw on approvals from Lloyds Bank, Halifax and Bank of Scotland over the 12 months to February, and advisers urge buyers to weigh long-term repayments and running costs before using low-deposit deals.