First time buyer mortgage seekers are finding out that getting a mortgage is not going to be easy and many are despairing that they will never be able to buy their home. Although the current market conditions with falling property values are ideal for first time buyer mortgage seekers, the status at banks is not. Right now, it is very difficult to get a first time buyer mortgage, unless the applicant has perfect credit and a sizeable down payment.
“The credit crunch has buried any chances most first time buyers might have had of getting on the property ladder,” said managing director of Your Move estate agents, David Newnes.
“Mortgage finance hasn’t been this hard to come by for fifteen years – but for landlords this is a cloud with a gold-plated lining.”
“There has been a stellar rise in the number of people looking to rent since the credit crunch began to kick in,” added Mr Newnes.
“The criteria banks and building societies use for deciding how much you can borrow have got a lot tougher. People who would have fallen into the first time buyer bracket a year ago are now renting.”
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Related reading: First Time Buyer Mortgage
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