First Time Buyer Mortgage Top Tips


An Englishman’s home is his castle or so the saying goes and as a nation, we are still obsessed with owning our own homes. At Barr Financial we are mortgage brokers and are experts when it comes to helping first time buyers get on the property ladder. We help clients throughout the UK get their first time buyer mortgage and have seen it all. So read on to get our Top Tips if you want to stay ahead of the competition.

Why it’s hard being a first time buyer?

A first time buyer mortgage is not necessarily difficult to get but first-time buyers in Britain are struggling.

House prices remain high, and deposits take a long time to save!CLICK TO TWEET

Many potential first time buyers are now renting until long into their 30’s, but survey after survey suggests that homeownership is still the ultimate goal for a British family. Yet in most of Europe renting is the norm.

However, now has never been a better time to buy. Interest rates are low, prices are not skyrocketing and the market is pretty stable. It even did better than I was expecting when the recession hit in 2008/2009. That just goes to show how robust it is. People need to really take advantage and if they can, get a first-time buyer mortgage and get on the property ladder. These days you only need 5-10% deposits, so it is in reach for a lot of people, if they put their mind to it.

Why are we so keen to buy that first home?

Some may say it is for security, others believe that it is just a British trait, you may have your own reasons. From an early age, we are conditioned to think that owning your home is the right thing to do. And for many, indeed most, it probably is.

The problems come when getting ready to buy that first property. So how do you prepare yourself, as a first time buyer, to be in the best possible shape to get your first time buyer mortgage and buy that first home?

What advice would our mortgage brokers give first time buyers?

I decided the best thing to do would be to ask the mortgage brokers at Barr Financial what their first time buyer advice would be. It’s always best to speak to people in the know right?

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