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18th October 2017
Getting a foot on the property ladder is an exciting step, but it is not one that should be rushed or entered into lightly.
At IMC, we have been helping first time buyers turn the key in their new home for years. Let us help you too. Our dedicated team of experts can guide you every step of the way and help you identify the best products on the market.
Following the news and keeping up to date with changes in the property market will help to inform your house search. Here’s what you need to know now:
Investors may not be particularly happy that house prices are falling, but first time buyers can rejoice. Figures released from Rightmove, the online estate agent, this past summer, indicate that the asking price for British properties has fallen for the first time since 2009, down 0.4% in June. First time buyers should capitalise on this fact and negotiate on price to avoid paying over the odds for their dream home.
A recent report has revealed that mortgage approvals in August 2017 were 7.8% higher than the total recorded in August 2016:
‘The UK mortgage market is in a much healthier position than a year ago. Approval rates are 7.8% higher year-on-year and first time buyers are taking more of the overall market. A year ago the market was dealing with reverberations of the Brexit vote, but the past 12 months have seen a strong recovery for the mortgage industry and the outlook for the future looks more settled,’ said Richard Sexton, director of e.surv, the site responsible for the report.
Put simply, the bigger your deposit, the cheaper your mortgage rate will be. This is the case regardless of the fall in house prices or the fact that mortgages are being more readily approved. As a general rule of thumb, 10% of the total value of the house is the minimum and anything greater than this will garner a reduced interest rate.
However, it is still worth exploring your options, even if your savings do not stretch to this level, as there are a few mortgage providers that would consider first time buyers with 5% deposit and with mortgage interest rates remaining very low, this would still offer a great opportunity to get you on the property ladder.
To explore your mortgage options as a first-time buyer or other, talk to a member of the IMC team today.
If you are interested in the services we have to offer, all you have to do is call 020 3761 6942 or click the link and fill in our quick and easy enquiry form.