First Time Buyers Mortgage Tips

First Time Buyers Mortgage Tips

A good thing for those who own their own house and who are already homeowners is the fact that property prices have risen sharply recently. Unfortunately if you are a firsttime buyer and looking to get on the property ladder then the sharp price increases can make it difficult to begin.

With small first time buyers homes starting at £100,000 plus a single persons income needs to be £35,000 or more annually. With the average wage being around £20,000 you can see the problem the situation gives firsttime mortgage borrowers.

Luckilly some new mortgage products have been designed to get around this situation. Some lenders even banks and building societies now offer mortgages that will give 5X your income. That would give an individual on £20,000 a firsttime buyers mortgage of £100,000. Another benefit that some new type mortgages allow is a 30 year or even 35 year mortgage term. This lowers the monthly mortgage payment to a more affordable amount.

Another option that can allow lower income earning 1st time buyers to get a start on the property ladder is a shared ownership home. This is where a person or couple gets a mortgage for a portion of their property typically 50%. The other half of the home is then rented from either the housing association or builders.

For more tips and ideas for first time buyers visit http://www.remortgagesupermarket.co.uk/

Damian is the owner of many finance related websites. Including mortgage, loans and debt advice.