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

Young would-be first-time buyers should consider alternatives

10-Mar-2010

Owning a house has become an "unrealistic" prospect for many people in their 20s, who may wish to turn to a shared mortgage or shared equity mortgage as a way of getting on the first rung of the property ladder.

Jane Marr, company director at the Little House Company, says rising house prices and the tightening of lending criteria has made securing a home almost impossible for young buyers.

"I can foresee the situation where people in their 20s do not consider homeownership and that it will only become a realistic goal once in your 30s," says Ms Marr.

Her opinion may add weight to new statistics by Rightmove which show the proportion of first-time buyers in the market has fallen for a second consecutive quarter to 25.8 per cent.

Were the mortgage market strong and healthy, the property experts believe about 40 per cent of the market would be made up of first-time buyers.

How to buy a house from finding your first property, first time buyer mortgages, mortgage advice, shared equity, shared ownership, joint ownership, part buy part rent and HomeBuy. All a first time buyer could need as well as first time buyer news at FirstRungNow.com.

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There's alot going on! What do you think?

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

Yes
No

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

Fixed Rate
Variable rate

Interest only mortgages are cheaper but in the end you don't end up owning the property. Which is better?

Interest Only
Repayment

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

Yes
No

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

Too complicated
Too expensive
Too risky

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
Too complicated
Good option