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First Time Buyer Mortgages |
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 To be blunt few people find this an easy experience whether they're first time buyers or old hands. But they all agree that it's worth it. The process is fraught with insecurity. Say you've seen your dream home. The seller doesn't have to commit to you until the very last minute. To get to this point you'll be chasing solicitors, surveyors and the mortgage lender, none of whom will feel that getting a move on is as important as you do. But it's vital because another buyer could come along at any moment. Meanwhile, with no guarantee of success, you'll be paying out for valuations, conveyancing, searches and possibly having to find a large Deposit. High property prices and the prevalence of rental property, particularly in big cities such as London and Birmingham, are increasingly squeezing first time buyers out of the market. But those looking to get their foot onto the first rung of the property ladder should not despair. There are a number of ways that new buyers can boost their prospects of finding a property that is not only their ideal home but also at a price they can afford. The first thing any first time buyer needs to do is work out their budget. It might sound like an obvious suggestion, but all finances need to be taken into consideration. Many young people looking to get onto the property ladder are coming out of university already dragging large debts behind them, but this does not mean purchasing a home is necessarily out of the question. Many lenders are more willing to look forward than they used to be, rather than simply focussing on the levels of debt a person has. Today's climate is more relaxed, particularly towards student debt, with an increasing number of lenders more interested in the current earnings and future earning power of students than in the past. For those who have been putting some money away, counting the pennies will certainly be worthwhile, because while you might not think you have enough for a deposit, you might be pleasantly surprised. An increasing number of lenders are now willing to offer larger mortgages, meaning that the amount needed for a deposit may be much less than you thought. For example, some companies even offer 100 per cent mortgages, whereby no money is paid as a deposit, with all the money instead being taken out of a mortgage. |
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