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How Going Green can help First time buyers borrow more!

  • sarahhubbard9
  • Dec 17, 2024
  • 2 min read
Ben Baccas putting his friend and girlfriend to work while setting up his new home—teamwork makes the dream work!
Ben Baccas putting his friend and girlfriend to work while setting up his new home—teamwork makes the dream work!

Being a first-time buyer in the UK has long been a privilege reserved for a select few. With property prices soaring and wages lagging behind, only those willing to make significant sacrifices—like “giving up their daily avocado toast”—stand a chance of saving a deposit amid their usual expenses. Currently, the average age of a first-time buyer is over 30, and the number of new entrants into the market has reached a historic low.

 

However, don’t lose hope just yet! Lenders are now offering numerous opportunities for first-time buyers who may be able to borrow up to 5.5 or even 6 times their annual salary, making it easier for them to climb onto the property ladder.

 

You may be asking how lenders can get away with lending so much, won’t this lead to another crash? Well, lenders are absolutely adhering to strict governance and rules to ensure that buyers can manage their payments but there are ways of helping by lending more sensibly.

 

These particular latest mortgage products mandate that properties possess a green energy performance certificate rating of A or B. This requirement benefits buyers by reducing their fuel bills, as these eco-friendly homes are typically more energy-efficient. The cost savings associated with lower energy expenses enable lenders to offer higher loan amounts, confident that buyers can manage their mortgage payments due to these financial advantages.

 

I recently had the pleasure of helping my friend and property solicitor Ben Baccas navigate the journey to buying his first home in London. Ben shared his experience, saying, “I’ve known Sarah for a long time and she has started from the bottom and worked to the top! She is very knowledgeable about the mortgage market and adds a humorous, friendly touch. GoGreen will look after your mortgage needs.”

 

I am eager to assist as many first-time buyers as possible in 2025, so please, if you’d like to explore one of these or many other products available, get in touch for your free initial consultation.



Merry Christmas and Happy New Year!

 
 
 

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GoGreen Financial Services

Email: info@gogreenfs.co.uk

Telephone: 01635 242939

GoGreen Financial Services ltd is a trading style of The Right Broker Limited, an appointed representative of The Right Mortgage Limited which is authorised and regulated by the Financial Conduct Authority. The Right Broker Limited is registered in England and Wales no: 09656290.Registered Address: St Johns Court, 70 St Johns Close, Knowle, Solihull, B93 0NH.
The information contained in this website is subject to UK regulatory regime and is therefore intended for consumers based in the UK.
Mortgages: Your Home (or property) may be repossessed if you do not keep up repayments on your mortgage or any other debts secured on it.
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