Santander first time buyer mortgages: First comes a house, then comes marriage

Santander first time buyer mortgages: First comes a house, then comes marriage

08 June 2010 / by Rachael Stiles

First time buyer mortgage customers are now more likely to be single than married, according to research from Santander Mortgages.

Only one in three people wait until they are married to buy their first home now, as, for the first time, the number of single first time buyer mortgage customers has overtaken the number of married buyers.

Since 2006, 37 per cent of first time buyers bought their home alone, compared to 29 per cent who waited until they were married, which shows a significant shift as before the 1970s, some 84 per cent of first time buyers had already tied the knot.

In the 1980s, married people accounted for 57 per cent of first time buyer mortgage customers as it became less widespread to buy with a spouse, falling to 46 per cent in the 1990s, and 35 per cent between 2000 and 2005, and 29 per cent in the last five years.

Commenting on the findings, Phil Cliff, director of Santander Mortgages, said: "Santander is committed to supporting first time buyers. We have a number of products available to help those looking to purchase a property for the first time."

Some of the first time buyer mortgage deals on offer include a three year fixed rate mortgage at 5.99 per cent, up to 90 per cent loan to value and with fee of £495. This also includes a free valuation and £250 cashback on completion to help reduce the upfront costs of buying a home.

Santander also recently reduced its two year fixed rate mortgages and introduced a new 'high' and 'low' fee option for its two year tracker mortgages, offering the choice of a lower interest rate with a higher up-front fee, or a higher rate and lower upfront fee.

First time buyers can borrow up to 80 or 90 per cent on new-build apartments and houses respectively, which could help them to get a foot on a ladder.

"As an organisation that prides itself on being the ‘Home of UK Mortgages’ we will continue to look at different ways in which we can help all first time buyers," Mr Cliff added.

© Fair Investment Company Ltd

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