Mortgage Advice in Hull for First-Time Buyers

As a Mortgage Broker in Hull, we know that it can sometimes be difficult to get the ball rolling with your mortgage application, especially if you’re a First Time Buyer. Having a deposit for a mortgage is an essential part of your home buying journey, so make sure that you have your deposit at the ready to show your Mortgage Broker in Hull / lender.

Having worked with thousands of First Time Buyers in Hull, we see every single type of mortgage scenario possible. You won’t find an application with the exact same deposit amount, purchase price and loan-to-value percentage. Here at Hullmoneyman, we have collected some data focused on these variables and First Time Buyer’s mortgage applications. We thought that it would be beneficial for first time buyers in Hull to gain insight into this data.

Average deposit amount for First Time Buyers in Hull

When compared to the rest of Yorkshire, Hull’s housing prices fit inside a lower bracket, meaning that your deposit contribution will be lower than places such as York. In Hull, the average deposit amount for a First Time Buyer stands at £18,000 which is quite a bit lower than the Yorkshire average of £23,000.

More often than not, applicants receive a helping hand from family members or friends through a gifted deposit. This can sometimes give an applicant that extra boost that they need as they have a combination of their own funds and the gifted deposit.

Occasionally, this can also allow an applicant to access a lower loan-to-value panel where they will be able to get more competitive deals and lower interest rates.

Average purchase price

As we mentioned before, house prices in Hull, when compared to the whole of Yorkshire, are typically quite low. According to our results, the average purchase price for First Time Buyers in Hull is £127,000 which is around 24% cheaper than Yorkshire’s average of £157,000.

Average loan-to-value (Ltv)

Once you have the average deposit amount and property price, you can then work out the average loan-to-value percentage. A lower loan-to-value percentage usually comes more competitive rates.

In Hull, the average LTV is 86%, which is higher than the Yorkshire average of 85%. The infographic below shows how to work out your LTV percentage:

Are you a First Time Buyer in Hull?

There is a large variety of housing available in Hull and a lot of residential areas for First Time Buyers to settle into. On top that, property prices are affordable amongst First Time Buyers, so Hull could be an ideal starting place for your mortgage journey in Yorkshire.

If you are interested in starting your mortgage journey as a first time buyer in Hull, it could be within your best options to approach a Mortgage Broker in Hull. For example, Hullmoneyman can then look at getting you agreed in principle with a lender, putting you in the best possible position to have any offers you would like to put forward accepted.

Date Last Edited: 11/06/2023