Although rates are still high, this may be offset by lowered property prices, making first time buyer mortgages more accessible than ever. The main problem appears to be lenders that are asking for high down payments on first time buyer mortgages and this problem does appear to be widespread. There is a huge demand for first time buyer mortgages, but with higher fees and the need for more equity in a property, this is creating an issue for those that are seeking to buy their first home. However, experts stress that with careful shopping, first time buyer mortgages are attainable, even if they do have higher fees.
Miles Shipside, commercial director of Rightmove, said: “Whilst those who do not have to sell are holding off, sellers who are also looking to buy are strongly placed to negotiate an equal or larger reduction in the price of the property they are buying.
“In addition, buyers currently benefit from the best choice in years. For example, properties that are architecturally desirable or in tight school catchment areas are increasingly attainable. Buyers with specific requirements should take a long-term view to try and secure their dream home.”
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