The buoyant first time buyer market is driving growth at First Mortgage NE which has completed its most successful quarter to date.
At the North East-based mortgage broker mortgages for first time buyers were up by 16 per cent year-on-year in 2018, increasing to 30 per cent in the first quarter of 2019 compared to this time last year.
It’s a trend nationwide, as the uncertainty of Brexit has cooled house prices, making it more affordable to get onto the property ladder, with the stamp duty amnesty for first time buyers contributing.
New build mortgages are also on the up, increasing by 10 per cent year-on-year in 2018, jumping to 50 per cent at the end of this quarter compared to Q1 last year.
2018 was the company’s most successful year to date fuelled in the main by first time buyer and new build business. As huge growth areas for the company, one of its directors Phil McGuire transitioned his role to new build director earlier this year to further develop relationships with the region’s housebuilders.
Phil said: “We’re helping more first time buyers and those buying a new build home than ever before. Despite Brexit looming, the market is in a good place and there is clear demand for our service which is completely fee-free to consumers. Our team and footprint across the region have expanded so we can support even more buyers, most recently at our Newcastle City Centre branch.”
In a prime location on Mosley Street, the company’s Newcastle office has doubled in size after taking an additional floor, now spanning the ground and first floor. This has opened up three additional meeting rooms and created two job opportunities.
Phil added: “Our Newcastle branch attracts a lot of enquiries and this investment will allow for more appointments, bringing added convenience to our clients working or living in the city centre. We’re pleased to have welcomed a further two new recruits, taking our team of experts up to 31, based across eight locations stretching from Northumberland to York.”