As the wheels of the economy slow down and people begin to brace themselves for the full effects of a recession, there are a number of groups likely to be affected over the coming months. For the purpose of this article, we’re going to focus on those applying for a first time buyer mortgage (or those about to apply for a first time buyer mortgage).
Sadly, COVID-19 has impacted young people’s income and forced lenders to tighten up their mortgage lending criteria. The overall result is shrinkage in first time buyer mortgage availability.
House prices are predicted to fall in the wake of the recession, and this is likely to help make getting on the property ladder that bit easier. However, it’s those who, after many years of saving, have built a sizeable deposit that are likely to be well placed to get a first time buyer mortgage.
Regardless of your situation, the good news is that all is not lost.
As a Guildford mortgage broker and first time buyer mortgage specialist, we still have access to a good range of first time buyer mortgage products that includes low deposit mortgages – and even a few no deposit mortgages, too.
You may also find our first time buyer mortgage guide useful, which includes 13 tips for how to improve your chances of getting a first time buyer mortgage – all of which are still relevant in a post COVID-19 world. You can download it here.
Of course, if you are looking to get your feet on the property ladder but feeling overwhelmed by the news that it’s becoming harder to buy a property, then there really is no substitute for picking up the phone and speaking to one of our first time buyer mortgage experts.
The situation does seem to change on a daily basis so our advice, if you are ready to apply, is get in touch straight away and start the mortgage application process sooner rather than later.
Contact the Complete Mortgages team today on 01483 238280 or email info@complete-mortgages.co.uk. And if your mortgage requirements are less first time buyer oriented, then remember we’re also buy to let mortgage specialists and adverse credit mortgage specialists, too.
