First time buyer mortgages remain hard to achieve.
With the launch of the Government's Mortgage Indemnity Scheme it was hoped that property purchase would get easier for first time buyers.
There are currently 6 lenders offering NewBuy mortgages and rates are down since the launch of the funding for lending scheme, so there should be plenty of affordable deals on offer. However this does not appear to be the case.
While NewBuy new is good, things are less positive in the rest of the market.
Despite cheaper funding being on offer first time buyer mortgages are not improving as much as was hoped when the scheme was launched.
This is a blow to both first time buyers and the property market as a whole, as without green shoots development how can the property market hope to recover.
Currently banks seem to be lending disproportionately to high deposit buyers, which reflects their desire to reduce lending to riskier first time or lower income buyers.
If you are looking for a first time buyer mortgage you are recommended to seek help and advice from Deal Direct. We are an independent 'whole of market' mortgage broker with access to the cheapest deals on offer.
We can access your finances to find out what you can afford to borrow, and we can then find the right mortgage that is perfectly matched to your needs.
Whatever your circumstances if you are looking for a competitively priced mortgage, contact Deal Direct.
Call an adviser today.
