Monday, 7 March 2011
FIRST TIME BUYERS
One of the questions I'm most often asked is What does The Hanley do for first time buyers? This question tends to assume that FTBs are a unique group and meriting very specific attention , in terms of products and service, an assumption I'd challenge as I'd caution against seeing FTBs as a homogeneous group and an accurate barometer of a healthy housing market. This is simply because the FTB market has changed markedly from the traditional view; it is much smaller than it used to be (approx 200,000 FTB transactions are likely this year, around half the level of peak years) and is more diverse than it once was. For instance the average FTB is in his/her early 30s and around 8 out of 10 FTBs now rely on help from the bank of mum and dad to gather a suitable deposit . Consequently it is important for a lender like The Hanley to have a range of options for prospective FTBs so that we can cater for the spectrum of needs they will have.That's why we have fixed and variable rate products available , as well as shared ownership advice.But most importantly, my answer to the question at the top of this blog is that The Hanley concentrates on FTBs in our heartland territory because that means we can sit down with them at one of our 6 branches and explore what is right for their particular circumstances. We believe in the value of trusted, face to face advice and nowhere is that more relevant than with a first time buyer.