Leeds mortgage broker tips for first time buyers in the city

A Leeds mortgage broker says it’s harder to buy property than it used to be, but thinks that will soon change.

Elliott Benson, founder of Sett Mortgages in Headingley, believes the foreclosure restrictions have made people less confident to sell, meaning there aren’t as many homes available on the market, which is a problem for ‘supply.

This has led to more people bidding on a property and it could take months for the process to be completed.

For more property news and stories across Leeds, click here.

When the 28-year-old started working as a mortgage broker for a big firm four years ago, he said it could take up to two weeks to buy, but now it takes months for the first few. buyers.

Enter your postcode to see local issues near you

Talk to LeedsLive, he said: “I don’t think it will be like this forever, it’s the lack of supply that is causing it. It’s been like that since the first lockdown.

“When I started mortgages, I saw clients, they found something in three or four weeks. When they made an offer, it was not like today because it is four or five people who buy the same property. It was more of a negotiation.

“The houses are going to be the best offer relative to the asking price. It is more difficult to secure a property than before.

Elliott believes that once the restrictions are lifted and sellers are confident there will be no further lockdowns or furloughed, the market will return to normal.

It comes after online mortgage broker Mojo Mortgages said first-time buyers in Leeds would need to borrow 3.56 times more than their annual salary.

Don’t see this survey? Click here

The average price of a house in the city is around £253,206 and the average salary is £30,243 a year, a couple who had saved a 15% down payment would need to borrow 3.56 times their salary for a house mid-range.

The figures analyzed salary data from the ONS and January 2022 property assessment data from Zoopla to establish the average income multiple required to buy a property in each location.

There have also been ongoing conversations about how first-time buyers can get on the housing ladder by canceling things like Netflix and gym memberships.

But Elliott, who works with around 85% of first time buyers, continued: “General expenses like Netflix or gym memberships won’t affect your ability to buy a home.

“They may affect how much you want to pay per month for the mortgage, but they don’t affect your overall affordability.”

Offering advice to those looking to get on the property ladder, he continued, “Don’t be discouraged by the thought of losing the property you love. It won’t stay like this forever.

“Don’t give up trying to buy your own home, I think things will improve when and when you bid on properties. Consider how much you want that property, but at the same time be reasonable with that that you offer.

To get the latest email updates from Leeds live, click here.

Comments are closed.