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First Time Buyers
Ah, the humble first time buyer (FTB), innocent, naïve, full of
optimism and looking forward to getting that first foot on the
property ladder. Sometimes they're a pair: a young couple
looking forward to finding and setting up home together, or a
business arrangement between two friends who can't afford to buy
alone.
How quickly their dreams shatter as they realise their monthly
mortgage payments can consume as much as third of their total
monthly income. Combine this with the cost of rates, house
insurance, car insurance, road tax and TV license and the dream
of becoming a home-owner is quickly extinguished. Instead they
rent and hope for a windfall on the lottery.
As they say, 'as one door shuts another one opens', and the
current property market provides just that opportunity for FTBs,
provided they have a deposit saved. One hundred percent mortgage
loans appear to have fallen off the face of the earth. Yet now
could be the best time for you to buy as properties in some
areas have fallen by as much as £50K in the first time home
bracket.
Having a good relationship with your local Estate Agent is
crucial, especially if you're keen to bag a bargain. Let's face
it, they know their area and often get wind of properties that
don't even come onto the market. With some investors scared
silly you might just get lucky. However, you need to be prepared
and ready to move fast.
If you're one of the lucky FTBs who managed to secure your first
property we'd love to hear about your experiences. How did you
decide which mortgage advisor, bank, insurance company etc to
use and how good did you feel they were.
Who’s offering the best deals at the moment? Perhaps you’re a
financial advisor or lender who would like to offer your
services. If so, then click on our advertising link below.
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