1st Time Buyer
Your home may be repossessed if you do not keep up repayments on your mortgage.
In general, conveyancing is not regulated by the Financial Conduct Authority.
Mortgages for First Time Buyers
The prospect of buying your first home is both daunting and confusing. Our aim is to guide you through the transaction from start to finish so that you understand exactly what the purchase entails and how much it will cost. We can recommend the services of local solicitors to assist in this process. This is the largest financial transaction you are ever likely to make so it must be done with clarity.
Prior to the credit crunch, the property market moved very fast which led to significant increases in property prices. This made it very difficult for many people to afford to buy a home, particularly for first time buyers.
During the credit crunch which started in 2007 property prices dropped considerably making housing more affordable and since then house prices have fluctuated with the price of a typical home at the end of 2011 being £163,822 (Source: Nationwide December 2011 House Price Index).
The effects of the credit crunch and the continued financial uncertainty globally means that mortgages are still difficult to find and borrowing criteria is likely to remain stringent.
Getting on the ladder
It is, however, still possible for first time buyers to get onto the property ladder and there are actually some advantages to being a first time buyer. Interest rates are very low, and first time buyers are more appealing to sellers because they are not in a chain.
As we have access to many lenders we are well placed to assist you, however these days it is a necessity to provide a substantial deposit in order to get a mortgage (although there are some 90 per cent deals still around).
Call us now or use our mortgage enquiry form and we'll be delighted to assist you.