First Time Buyers are returning to the property market





First Time Buyers are returning to the property market

The latest statistics show first time buyers are returning to the property market. With the combination of tightened lending criteria, house prices falling month on month, consumer confidence took a hit increased by uncertainty of job security with the recession.

However reports form January show the percentage of mortgage applications are now up from 10 per cent to 40 per cent. Other groups also have made more applications.

House prices have dropped steeply over the last year which might be why first time buyers are now being tempted to be one of those trying for first time mortgages along with very low interest rates. You can get your first mortgage for your property and easily make overpayments while interest rates are low to take a sizeable chunk out of the mortgage.

It is great to see such an increase in demand for mortgages however we are now in an age of cautious lending. Affordability needs to be backed up a good credit rating and then the ability to offer a sizeable

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deposit.




A realistic deposit is twenty five percent, minimum fifteen per cent of the property price. If you can afford more then you can benefit from better rates. Once you have your goal, create a plan to get the deposit. Set a monthly savings target, move home with parents, cut back on unnecessary expenses.

Lenders are increasing their lending unfortunately with the state of the market and lack of competition at the moment; many are attempting to offset their risk with fees. Arrangement fees can vary greatly, in one case although for a lower deposit, the application fee was £2,499!!

Before you go ahead with your application work out the type of mortgage is of best value. Some have lower interest rates but the whopping fees attached can mean they are more expensive. A mortgage broker is a great source of information. They can offer expert advice often without charging a fee. There are also those that specialise in first time mortgages. Mortgage brokers have many benefits from market knowledge, market trends and application advice.

First Time Buyers are returning to the property market / Author: cborthwick9