It looks possible for many!
There’s a train of thought right now, despite the recent general ‘gloom’ talk, that if you are a first time buyer keen to get your first home then getting finance to do so looks relatively possible and affordable going forward. Source:- http://www.zoopla.co.uk/property-news/for-sale/first-timer-buyers-set-to-benefit-from-affordable-rates-801401271/
Bernard Clarke at the Council of Mortgage Lenders, indicated recently that there’s a positive outlook in terms of mortgage affordability for the first time buyer, “Unless there is a very large degree of disruption – perhaps as a result of developments in Europe – it certainly does look as though rates will remain affordable by longer term historical standards.
This should mean mortgages will stay affordable for first-time buyers too and I estimate this to be the position for the foreseeable future.”
Stamp duty holiday
Paul Ainsworth Lord, founder of leading Darwen Estate Agent, Ainsworth Lord Estates agrees, “It is a fairly positive outlook it seems in terms first time buyer finance. A factor in the recent drop in the first time buyer mortgage approval rate was, of course, the ending of the stamp duty holiday.
But, as far we are concerned though, we are now holding quite steady in terms of the numbers of first time buyers we have been working with even since the stamp duty holiday ended.
Our first time buyer customers have not really suffered too much in terms of the mortgage rate they are having to pay just for being a first time buyer. In any event, we would do what we could to protect them from choosing a lender that was easing up the rate, beyond a reasonable level.
Our mortgage network has helped us to be able to find good, affordable rate mortgages for the first time buyer, at a level of 95%, or even in some circumstances 100%, with some property owning back-up parent support.
First timer mortgages to rise
In reality, it seems there is every reason to be hopeful that affordable mortgages for ‘first timers’ will remain available throughout the rest of the year and that mortgage approvals in general within the first time buyer sector will ease upwards as the Autumn’s more busy property sales period arrives. This should, I believe, mean more first time buyer purchases over the next 3-6 months.”