We understand the difficulty of having to make a start on your mortgage application. There are a handful of different things you need to get ready before you start applying for a mortgage in Leeds. In any case, the most important thing you need is a deposit.
Our Mortgage Advisors in Leeds have helped process many First Time Buyer mortgage applications, and we have dealt with various deposit amounts, purchase prices, and loan-to-value percentages.
Being a Mortgage Broker in Leeds, we felt that it would be beneficial to those looking to buy their first property in Leeds to gain an insight into the average variables.
House prices in Leeds are slightly higher when compared to the rest of Yorkshire; in turn, this can lead to a higher deposit contribution. Looking into our statistics, we found that the average deposit amount for a First-time Buyer in Leeds is around £27,000, whereas in Yorkshire the average is £23,000.
We tend to find that while many First Time Buyers manage to save up a large chunk of their deposit, we see that family members or friends help provide additional support by gifting the deposit for them.
However, bear in mind a gifted deposit can end up pushing an applicant into a lower loan-to-value bracket which further down the line can lead to competitive products and lower interest rates.
As stated earlier, house prices in Leeds are slightly higher across the board. When it comes to First Time Buyers, the average cost is currently £172,000. In any case, this is around 10%more than the average First Time Buyer in Yorkshire.
(Figure 1) shows we have covered the average purchase price and average deposit for First Time Buyers in Leeds, now we can show you how to work out what the average loan to value is in the Leeds area.
(With the lower loan to value percentage, can usually come more with competitive rates). In Leeds, the average LTV is 84%, which is slightly lower than the Yorkshire average being 85%. Below we created an infographic to show how to work out your LTV percentage.
Leeds gets recognised to be the most diverse economy. Having the largest legal and financial center in the UK outside of London. Leeds has the third-largest jobs total by local authority area in employment and self-employed.
It is no surprise why our Mortgage Advisors in Leeds receive so many enquiries daily it is high demand. If you are looking to purchase your first property in Leeds. It would be a good start to contact us and speak to a Mortgage broker in Leeds like ourselves.
Our Mortgage Advisors in Leeds can look at getting your agreement in principle with a Lender. Putting you in the best possible position to have any offer you would like to put forward accepted.