Most mortgage applicants are now over 30 when they buy their first home many with more diversified backgrounds, which include varied credit histories, fluctuating incomes, and a challenge to save a deposit that keeps in pace with the growing property market values.
As more people rent the challenges of saving for that illusive deposit become harder, which is why the Bank of Mum and Dad is now the most common way for first-time buyers to afford their deposits.
Add to this the many ways you can buy a property, such as shared equity or shared ownership properties, and the varied mortgage products in the market available to help the first time buyer purchase their home, such as Help to buy mortgages, Guarantor mortgages, Springboard mortgages, and Family Mortgages, it is no wondered many people become confused as to the right option for them.
This is where a Mortgage Adviser can help, by seeking out the best option for your circumstance, finding that lender that will offer a 95% loan to value mortgage, or perhaps a lender that will consider impaired credit, or where there might be more than 2 of you on the application.
Whatever your circumstance speaking to an adviser will give you more options to explore what you can achieve as a first time buyer.
For further information contact Helene Utting on Bury St Edmunds 01284 365545.
Written by Helene Utting
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE
Mervyn Scourfield-Thomas trading as Scourfield-Thomas & Associates is an appointed representative of The On-Line Partnership Limited which is authorised and regulated by the Financial Conduct Authority.