Related topic: Affordability

22% of first-time buyers purchased homes with deposits under £20,000 in December, up 8 percentage points year-on-year.

The new stress rates will allow eligible customers to borrow up to an additional £33,000.

Stress tests have also been lowered across Metro Bank’s two-year fixed rate products.

Three-quarters of lenders expect affordability to become a more pressing issue over the next year.

The change will allow eligible customers to borrow up to an additional £33,000. 

The latest improvements launched today cover adverse credit, affordability and lower pricing.

Individual applicants are outstripping joint applicants consistently for the first time in five years. 

The Society has improved its affordability calculator, with up to 25% more borrowing power available.

The typical first-time buyer home now costs 5.9 times average earnings – the lowest ratio since 2015.

The income to house price ratio is forecast to fall to 8.2.