The average mortgage term for first-time buyers (FTBs) rose to 32 years in 2023, up from 30 in 2021, data from TSB has revealed.
Overall, first-time buyers accounted for 35% of all mortgage completions in 2023 – with the average age of FTBs at 31, marginally down on 32 in 2022.
More than half (57%) of first-time buyers took out a joint mortgage for their first home, with 43% choosing to purchase their home solo.
Across the UK, Scotland took first place in the number of first-time buyers at TSB (17%), followed by the South East (16%) and North West (12%).
Roland McCormack, mortgage distribution director at TSB, said: “Across the UK, the drive to get onto the property ladder is bigger than ever – with first-time buyers taking out extended repayment terms to acquire a home.
“At TSB, video banking is proving a popular and convenient route to securing a mortgage and has helped halve the time taken for customers to secure a deal in a rapidly changing mortgage market.”
