- 71% of applicants are first time buyers;
- 50% of applicants are earning less than £40,000 in total;
- 82% of cases are from applicants aged between 21 and 40;
- 74% of cases are for purchase prices between £75,000 and £175,000.
Following the Government's update on its Help to Buy Scheme yesterday, Aldermore is today releasing statistics outlining the attributes of an average Help to Buy: mortgage guarantee scheme customer.
Of the 2,313 decisions in principle cases that have been offered by Aldermore*, 71% of applicants are first time buyers, while 50% of applicants are earning less than £40,000 in total and 24% of applicants are earning less than £30,000.
Nearly three quarters (74%) of cases are for purchase prices of between £75,000 & £175,000 and 47% of cases have been submitted at 95% Loan to Value.
In terms of age, 82% of applicants are between 21 and 40-years-old with an average age of 32 years. While 47% of applicants live in the north of England, the top three cities where applicants are resident are Peterborough, Sheffield and Portsmouth.
Aldermore Bank Residential Mortgages Managing Director Charles Haresnapesays: "In our experience it is not the case that the scheme is only helping those in London and the South East. Our findings are that the majority of our applicants are first time buyers, on lower incomes and are from the northern regions of the UK.
"When the time is right a sensible moderation to the HTB scheme would be to reduce the maximum property value, in order to avoid any risks of a housing bubble forming. This would serve to leave those regions with lower house prices unaffected, which Aldermore believes should continue to benefit longer."
*Information correct as of the 21st March 2014 based on 2,313 decisions in principle cases.
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