The past 12 months have seen an increase of more than 12% in house prices. With the average sitting at £273,000 – which is £30,000 more than was recorded in September last year – first-time buyers need an additional 13% to take that first step onto the property ladder.
Combined with the more stringent affordability checks with which lenders must comply, it is getting more difficult for people to purchase their first home.
It is reported as the highest annual increase faced by first-time buyers since March 2005, which saw house prices go up by over 18%. Higher values mean that the deposit required is greater, providing more of a challenge to those striving to own their own home.
Many are now turning to parents for assistance with rounding up the deposit needed to secure a mortgage.
When you decided that your career path was going to be that of a mortgage advisor, it is important to understand the commitment to training you will have to demonstrate. From completing your CeMAP training and achieving accreditation, you will be able to meet with your customers, identify their needs and match the appropriate solution.
First-time buyers will appreciate your advice and support as they take their first fledgling steps into the property market. By completing a detailed analysis of their income and expenditure, you will be best placed to advise how much they could afford to borrow, and how much the monthly repayments would be, dependent on the rates available.
