If you are hoping to buy a new home soon, it’s never too early to start preparing – get yourself mortgage-ready this summer by following these steps.

Getting onto the property ladder has always been a challenge, but perhaps even more so at the moment. A report has found that it is currently the most expensive time to be a first-time buyer (FTB) in over 70 years.

Activity in the housing market continues to reach a balance1.

Rising mortgage rates have pushed homeowners to take out longer mortgages, with a fifth of first-time buyers (FTBs) in 2023 opting for mortgages with terms of 35 years or more

Recent reports have highlighted that there is a general lack of knowledge when it comes to critical illness cover.

Prior to the Spring Budget, there was speculation that the government may introduce a 1% mortgage deposit scheme. That did not come to fruition; however, a leading mortgage lender has recently introduced a new product which offers first-time buyers (FTBs) a £5k deposit on homes up to £500,000 – effectively a 99% loan to value (LTV) mortgage.

The first few months of 2024 showed some promise for a housing market which is stabilising following a challenging period for buyers and sellers alike. So, with spring well under way, how is the property market faring at the moment?