Millenials can have their avocado toast and eat it too with our new first-time buyer mortgages

Millennials get a bad rap.

They’re self-obsessed selfie-lovers. They eat too much avocado. They think man-buns are cool.

There’s an endless number of stereotypes levelled at 20-36 year-olds, yet if there’s one that that does ring true it’s that a large number of them are struggling to get onto the property ladder. They do love a good avocado though (we asked our interns to confirm).

Whether it’s because of a myriad of complex socio-economic issues (rising costs of living whilst wages stagnate, inability to save due to exorbitant rent prices, the barrier deposits present to buyers who can’t rely on parental assistance, we could go on…) or simply because they’re too partial to smashed avo on toast, the average first-time buyer is now seven years older than they were in 1960. They also need to save more than £20,000 extra to be able to buy a home.

We want to help. So, 18 months after launching Digital Mortgages by Atom bank, we’ve created a brand new range of products for first-time buyers. The process of buying a house is expensive - so as well as offering competitive rates, we’ve thrown in a couple of extras to ease the burden.

All our first-time buyer mortgages will include:

• 80-95% LTVs - even with a small deposit, that dream home is within reach.
• No product fees.
• £500 cashback to cover the costs of moving in.
• Free basic mortgage valuation *(who doesn’t love a good freebie?)
• …and we’ve removed the maximum loan limit for our first-time buyers.

*For properties based in Scotland, customers will be required to pay a valuation retype fee of £30 if a transcript of the valuation report is required.

Your feedback matters to us

Much like the criteria changes we announced earlier in May including removal of maximum loan sizes for first -time buyers, increased mortgage terms and a reduced proof of employment history, first-time buyer mortgages were something you asked for. Your feedback is improving our products and making them work for your clients - so do let your BDM know what you think of these latest updates. We’re always listening.