With the housing market in turmoil as a result of the credit crunch, first time buyers are finding it increasingly difficult to find the deals that will help them finally get their foot on the first rung of the property ladder.
Indeed, finding a bank that will lend you the money to get started can be the most difficult part of the house-hunting process, and as a result of the difficulties, first-time buyers are becoming a rare breed.
Recent research indicates that leading banks has revealed that house prices were at their most affordable since 2003, but whilst the price of properties may be dropping, finding a mortgage to begin with or applying to remortgage can be a long and tiring process.
First-time buyers are an important part of the housing market, providing fresh injections of capital into the marketplace, but with mortgages in such short supply, what can they do to ensure that they take advantage of the best deals and get started in their property quest?
One of the most important things to do when looking for mortgages is thorough research. With government bailouts encouraging the banks to start lending again, this could be an ideal time for first-time buyers to get started.
Be realistic in your mathematics â€“ work out how much you are able to afford and target properties in a specific price range.
Bear the age of the property in mind â€“ newer properties may come furnished, but may end up being more expensive. Whilst older properties may require extensive work, which could eat into your budget.
Check which tax band the property is on and whether it will differ much from your current property, the estate agent will usually provide such information when you show interest in a property.
Be sure to research the area as much as possible â€“ including levels of crime (which could affect your insurance premium) as well as public transport and local amenities, from shops to sports centres.
Consider the commute to work before deciding on a property, as maintaining your new abode in those first few months is likely to take up a lot of your time, if you can afford to move somewhere nearer to work itâ€™s worth bearing this in mind.
There are a wide range of services available online that can help you â€“ such as mortgage calculators â€“ and can help you work out how much it will cost you per month. These services will also help cater for calculations according to your credit rating â€“ so whether itâ€™s good or bad, itâ€™s always worth investigating these plans as thereâ€™s sure to be a plan to suit you on the market. http://www.moneysupermarket.com/mortgages/