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Article by Harry D Pearce

It is undoubted that in today’s property market, banking situation and economic climate getting your foot on the property ladder has never been harder, particularly for first time buyers.

The banking crisis and reluctance in lending and borrowing, or the lending and borrowing coupled with a large deposit, with steady and high property prices are squeezing out first time buyers and leading to increases in the rental market. Indeed research points to the fact that the number of first time buyers in the market is currently the lowest it has been for a quarter of a century.

But what can first time buyers do and what is the best mortgage advice and information to get for those that are averse to renting?

Despite the raft of legislation, there now seems to be a plethora of mortgage plans and products from an increasing pool of lenders, all of which can make finding the right individual mortgage plan and product confusing and difficult.

Perhaps the first stop should be to understand the general different plans, such as fixed rate mortgages and variable rate mortgages. Put simply fixed rate mortgages are bound by a set interest rate for a designated period of time. Variable rate mortgages on the other hand change as and when the Bank Of England base rate changes. Currently this is considerably low and mortgage holders who have this plan are enjoying some of the lowest mortgage repayments that they are likely to have. Indeed this was exactly what Lord Young was referring to when he said that Britons had ‘never had it so good’.

For many first time buyers, the hardest part of obtaining a mortgage is obtaining the money for a deposit. Depending on the house prices in the area this can amount to tens of thousands of pounds and was traditionally roughly at about 10% of the property value. Nowadays it is not unheard of for mortgage lenders to ask for double this before they accept a mortgage.

Mortgage lenders will fully audit your credit rating and financial viability and well base the maximum they will lend to individuals based on this and of course salaries and any other regular forms of income, such as dividends. The low Bank of England base rate actually in theory should mean that lenders are willing to offer higher borrowing amounts, something which has not been completely forthcoming and that has led to calls for government intervention.

It is not prudent to only look at the mortgage plans and products from your bank or solely one provider. Although you can probably find the best mortgage product from their mortgage range it will largely not be the best on the whole of the market, when you consider all of the potential lenders.

Seeking help and information from an independent mortgage advisor will give you expert advice on the maths and numbers behind the product and can also inform you of mortgage products from lenders that are not made public, but only through such independent mortgage advisors.

About the Author

Harry is a business consultant, but has a vested interest in the UK mortgage market as a homeowner himself. Harry writes about finance and mortgages in order to help people find the best mortgage advice. Harry acknowledges the mortgage market is tricky and speaking to an independent mortgage advisor, such as http://www.bestmortgageadvice.uk.com is the best form of practice.

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