A lifeline for first time buyers

FIRST time buyers continue to be the focus for the UK housing market.

 

With talk of changes to the stamp duty rules the importance of first time buyers has been taken into consideration by the government.

 

The success of the whole housing market hinges on first time buyers entering the market. But for many it’s still difficult to get your foot on that property ladder.

 

We were contacted by a young couple having problems obtaining a mortgage to buy their first home.

 

They had saved a deposit and had found the perfect property. They approached their bank but were knocked back straight away. Unfortunately, the other high street lenders wouldn’t look at their case either.

 

Like thousands of other first time buyers they had missed the odd payment on their credit cards, and this went against them from the start. A friend told them to contact us, and we agreed to look at their application.

 

As Independent Mortgage Advisers we were able to source a number of possible solutions for them within a couple of days. With access to the whole of the mortgage market we have access to deals that the high street just can not offer.

 

With just a 5% deposit and a less than perfect credit history, we were able to secure a mortgage deal for them. 

 

A 2 year fixed rate (great for first time buyers as it fixes mortgage costs for the first 2 years) and a low arrangement fee, which could be added to the loan to keep up front costs as low as possible.

 

They thought they had been frozen out of the property market, but thanks to their friend’s recommendation to talk to us, they are now settled into their new home.