Getting a foothold on the property ladder is not easy particularly these days with property prices above the amount most peoples salaries can cover.
Reports from the property market show that the age of first time buyers has increased in recent years as younger people struggle to get a mortgage. Some first time buyers struggle to cover all the costs of buying, and often hadnt anticipated all of the extra costs beforehand. There are some solutions to these problems, however.
The market is responding to the needs of first time buyers and can offer special types of mortgage and extra support. If you mention to your lender or advisor that you are a first time buyer, they will offer advice specifically for your situation.
No Deposit?
Finding 10% of your mortgage is no mean feat. Younger people often dont have the savings to put down a deposit, and have to borrow the money. There are 100% mortgages available for those unable to find the cash deposit, or mortgages where you provide just 5% of the total amount. Unfortunately many of these mortgages apply charges (Higher Lending Charges) and have less flexible terms than other mortgages.
Salary Not...
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