Squeaky Clean Credit Scores
Ensuring your credit score is healthy is a major step to tick off before applying for a mortgage. While it isn’t…
Mortgage NewsRead article
17 Feb
How Can First-Time Buyers Prepare For Increased Energy Costs?
08 Sep
Mortgage News
As a first-time buyer, are you concerned about the current increase in energy bills and living costs? According to the mortgage platform service Twenty7tec, recent statistics have highlighted that, on average, annual energy bills for first-time buyers have tripled from this time last year.
This year, annual energy costs have been found to amount to approximately 92.6% of a first-time buyer’s monthly pay, compared with last year’s prices, which amounted to around 35% of their monthly take-home. This dramatic rise in energy bills is drastically impacting the ability of first-time buyers to save for a house deposit, as they try to keep up with increased costs of living.
At the same time, those who have already purchased their first home may face difficulties in keeping up with their monthly outgoings on energy, which for some has been found to be equivalent to two months’ mortgage payments.
If you’re a first-time buyer needing bespoke advice on your current financial circumstances and the products available to you, our team of expert Mortgage Advisors are on-hand to help. Get in touch with our team today to book a consultation.
How Can I Prepare Myself For The Increased Costs In Energy?
Last year, many consumers placed EPC ratings (Energy Performance Certificates) as one of the lowest considerations when it came to factors affecting buying a home. However, in the midst of greater financial uncertainty and increased energy tariffs, many homeowners and first-time buyers are now putting more emphasis on energy efficiency when making a purchase.
New research from Natwest and S&P Global has highlighted that a large proportion of homeowners (around 63%) are planning to upgrade their properties over the next decade to reduce their hit on energy bills substantially. A further 23% of homeowners are looking to make more immediate changes within the next 12 months in the face of concerns over the rising cost of living.
In particular, this new research has indicated that younger homeowners under 30 have already begun planning to upgrade certain features in their homes. From installing smart meters, and double or triple-glazed windows to adopting energy-efficient lighting and solar panel installations, there are many energy solutions that homeowners and first-time buyers can consider investing in to reduce long-term costs.
When buying a home, it is therefore important to consider the longer-term benefits of choosing a more energy-efficient property over the purchase of another property, which may be cheaper but not be fitted with double-glazing or adequate loft installation.
We know that buying your first property can be daunting, especially with the current economic climate. Here at CG The Mortgage Experts, we provide tailored advice to suit your financial circumstances, to make the process as simple and stress-free as possible.
Ready to get started? Book an appointment with one of our Mortgage Brokers in Northamptonshire today, or visit our dedicated page for First-Time Buyers for more information.
