First Time Buyer Mortgages
First time buyer mortgages unfortunately are not what they once were. As the UK property prices have risen and fallen, first time buyers have found it very difficult to get onto the first rung of the property ladder. Gone are the days when a first time buyer could simply multiply their annual salary by two-and-a-half to see what mortgage deal that would secure for them. Finding out what your first mortgage will be and how much it will cost, is a very critical factor in seeing if you can afford your first property. These days it is almost impossible to secure a mortgage without a fairly substantial deposit.
The market has become so tough for those lenders selling first time buyer mortgages that they have had to be extremely cautious. This means we are liable to see more guarantor mortgages appearing, mortgages with parents or a parent helping with the deposits to reduce the total amount of borrowing required.
Mortgage lenders who have taken on the challenge, now offer a vast array of innovative first time buyer mortgages. Examples of this are: first time buyer mortgages based on how much rent you’ve been paying in the past, a mortgage which would take into account potential lodger income, mortgages for parents buying with or helping to financing their children, shared ownership mortgages – there are many first time buyer mortgages out there for those looking for their first mortgage.
Your first and most important step is to seek specialist advice. Good mortgage advisors will know about all the first time buyer mortgage deals that are in the market place at any one time.
