First time buyer mortgages – get yourself a deal before financial stress tests start in April.

From April this year mortgage lenders will be introducing new stress tests to assess a borrowers mortgage affordability. This could mean that for first time buyers getting a mortgage could once again prove more difficult.

Would-be borrowers will be required to provide more documentation to prove their income and financial circumstances. In addition lenders are to start to test mortgage affordability more stringently, they want to know if mortgage rates rise will a home-owner be able to afford to make the higher repayments.

If you are a first time buyer you are advised to get your mortgage offer this month before mortgage criteria changes come into play.

Why look for your deal now?

House prices are rising meaning first time buyers applying for a mortgage will be required to come up with a larger deposit, the longer you wait the higher prices may rise.

Stress tests may mean from April getting a mortgage could prove more difficult. However you can apply for a mortgage and get an offer from a lender with a three month validity. This means that even if you haven't yet found your new home, you can apply for a mortgage and get an offer before the new rules come in.

If you need advice as to your options call Deal Direct. Our advisers are here to offer you all the help you need to get the best mortgage you can to make home-ownership a reality.

There are various options available to a first time buyer including standard residential mortgages, New Buy , Help to Buy, shared ownership and gifted deposit.

If you would like to get a quote call 0800 048 8828. We can get you the most competitive first time mortgage on offer.

Call us today if you are looking to purchase a home.

0800 048 8828.