Earlier this week, it was suggested that first time buyers have a much better chance of finding a mortgage in the current economic climate than the general public believe.

According to the Property Investors Network, although mortgage lenders are being more selective, those wanting to buy their first home are still able to find some good deals out there.

The founder of the Property Investors Network, Simon Zutshi, stated that in some cases when affordability for mortgage repayments is an issue, some mortgage lenders are even taking the buyer’s parents’ income into account.

As noted in previous articles when we discussed the range of mortgages covered in the CeMAP syllabus, 95 per cent mortgages are finally becoming available again although not in large quantities and so large deposits are not a necessity right now.

Mr Zutshi went on to add that:

“It is possible for first-time buyers [to get a mortgage] but the general perception in the market is that first-time buyers wouldn’t want to do that.”

He also went on to add he felt that right now is a ‘pretty good time’ to purchase a property providing the purchase price agreed is below market value.

Leave a Reply

Your email address will not be published.