Mortgage Advice for First Time Buyers, First Time Buyer Mortgages and First Mortgage Advice

Prospective first-time buyers should 'spring clean' finances.

16-Mar-2009

First-time buyers could find it much easier to get onto the property ladder if they give up a few luxuries, says a new report.

Halifax, one of the UK's leading providers of mortgages to first-time buyers, compiled the report which suggested people struggling to afford a deposit should "spring clean their finances".

By drinking less alcohol, quitting smoking and cancelling gym memberships, Halifax estimates that prospective first-time buyers could save up to £1,799 each year.

Jaedon Green, head of mortgage development at Halifax said first-time buyers just needed to identify a few "simple changes" to make "a big boost to their deposit pot".

According to the report, almost half of prospective first-time buyers did not think they would be able to raise a deposit for their first home.

Last week a report by the Council of Mortgage Lenders said lower interest rates and multiple incomes have made mortgage payments easier. On average in January, first-time buyers borrowed three times their income.

FirstRungNow.com - how to buy a house, from finding your first flat or first house, first time buyer mortgages, shared ownership, buying with friends, gifted deposit, part buy part rent - all a first time buyer could possibly need.

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Interest rates are low but could rise? Is this a good time to buy?

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Varialbe rate mortgages go up if bank interest rates do. Which is your preference?

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House prices are waivering. Do you think this is a good time to buy?

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Shared equity mortgages allow you to buy a new home with 5% deposit and an equity loan through FirstBuy. What do you think?

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Rent to buy allows you to peg a property price, save towards a deposit and pay reduced rent. What do you think?

Works best in a rising market
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