First time buyers looking to get onto the property ladder in the current economic climate may find it more difficult in some respects, but if you have savings that you can put towards a deposit you may actually be in a stronger position than before. Mortgage providers are no longer prepared to offer first time buyers a loan for the full property value, and you will usually find that a 20-30 percent deposit is required for you on most first time buyer mortgage deals, although there are a few deals out there with higher lending rates if you have a good credit history.
As a first time buyer, it is not all doom and gloom. To provide a much-needed boost to the property market and to support first time buyers, the government have pledged to waive stamp duty (the tax on property purchases) if you are buying a property worth up to £175,000 until December of this year. Many mortgage lenders will also be able to offer you competitive first time buyer (mortgage deals at the moment, since the Bank of England base rate (used as a guideline for setting UK lending rates) is at an all-time low. The most important first step is to decide which type of mortgage deal you require, and for this we would recommend that you speak to a qualified mortgage advisor. By filling out our short form, you can request a callback from an advisor within the SimplyFinance network. You can also use our extensive list of rates tools and calculators to find out more about the repayments due on different types of first time buyer mortgage.