There’s no doubt that the economic downturn has really hit the property market in the UK, in particular, we have seen a severe shortage of first time buyers. Why? One of the biggest reasons is that historically it was much easier to obtain a competitive 90% mortgage for first time buyers. But since the credit crunch hit the UK, the lending criteria for mortgages has made it very difficult to obtain a mortgage at all unless the buyer could provide a deposit of 25%, or more. It seems things may be changing for the better for first time buyers… Even despite the recent decision to hold interest rates at 0.50%, larger lenders have once again begun to offer 90% mortgages to first time buyers and those without substantial deposits; a sign that brings hope for anyone looking to get onto the property ladder. We haven’t such a large number of available products since 2008, which is truly a breath of fresh air for first time buyers, and something that Complete Mortgages is very excited about. Nationwide recently extended its range of 90% mortgages making them available to more of their customers, whereas historically they were only available to existing customers. Other lenders who are employing competitive rates include NatWest, Halifax, Northern Rock and Santander. This competitive market makes it all the more important that you work with a mortgage broker who can help you determine the best product for you, Complete Mortgages can do just that. What you should know about 90% mortgages for first time buyers: – • Although there are many more products now available for first time buyers, lenders are still being very careful to consider the buyers credit history. • You will be in a better position to secure a 90% mortgage as a first time buyer if you have a good affordability profile; meaning you are employed or self-employed, without large amounts of existing debt including credit cards and loans. Many lenders also look to see that your bank account is in good shape, proving that you have managed your money well. • Despite the fact that low rates are available for borrowers with a 10% deposit, there will likely be fees attached to most 90% mortgages that are available. So with 90% mortgages for first time buyers becoming more readily available, how will you find the right one for you? It is important to find a mortgage broker you can trust to give you mortgage advice, keep you informed of exclusive deals, and help you find the cheapest rates. If you are a first time buyer looking to secure a mortgage in Guildford or Surrey, Complete Mortgages can give you the mortgage advice you need to get you onto the ever important first rung of the property ladder.