More first time buyers enter new home alone

For the first time, more people now begin home ownership on their own than as a married couple, according to new research by Santander Mortgages.  The findings reveal that of those people who have bought their first home since 2006, some 37 per cent bought on their own, which Santander estimates amounts to almost a million people (914,000).   But perhaps most surprisingly 29 per cent waited to buy with their spouse - showing traditional values die hard.    This means some 716,400 people waited to find their spouse before taking the first step towards home ownership.

The research reveals that before the 1970s, over eight in ten (84 per cent) people bought their first home with their husband or wife, a figure that declined to less than six in ten (57 per cent) people in the eighties, and less than one in two (46 per cent) in the nineties.  Since the turn of the millennium this figure declined to 35 per cent in the first half of the noughties and then to 29 per cent in the last five years.

In contrast, before the 1980s only one in ten (10 per cent) first time buyers bought by themselves.  This increased to 23 per cent in the eighties and 32 per cent in the nineties, and in the last five years has reached 37 per cent, surpassing those who have bought with their spouse for the first time.

Phil Cliff, Director of Mortgages at Santander, said: "Santander is committed to supporting first time buyers. We have a number of products available to help those looking to purchase a property for the first time including a three year fix at 5.99% up to 90 per cent LTV with £495 fee.  This product includes free valuation and £250 cashback on completion to help reduce upfront costs.  As an organisation that prides itself on being the ‘Home of UK Mortgages' we will continue to look at different ways in which we can help all first time buyers."

Santander has recently reduced its 2-year fixed rates and introduced new ‘high' and ‘low' fee options for its 2-year trackers to make them even more competitive for borrowers who might be looking for their first - or even second or third - home on their own or with a partner.

Santander also recently increased the maximum LTV on new build apartments and houses to 80 per cent and 90 per cent respectively for first-time buyers, helping to make that first step onto the property ladder more accessible.

For more information on mortgages from Santander, visit santander.co.uk.