Rush for first time buyer mortgages

Friday, 2nd October, 2020
first time buyer mortgages

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.


Is getting a mortgage quickly October’s priority?

Tuesday, 29th September, 2020

We recently covered how the recession is beginning to bite, and that first time buyer mortgages – particularly low deposit mortgages and no deposit mortgages – are slowly disappearing from lenders’ shelves. However, a recent report claims that mortgage demand is at pre-COVID levels. So, with demand high and availability low, is September a key month to apply for a mortgage?

The answer might just be ‘yes’ – particularly if you fall into the first time buyer mortgage category (and potentially the adverse credit mortgage category, too). But first of all, let’s take a look at the figures.

The Bank of England reported that demand for mortgages rose in July – the first time since lockdown – and that the number of new home loans rocketed from 39,900 in June to 66,300 in July. Whilst this is good for the economy, it is also at odds with a report from Moneyfacts that states how borrowers with a 10% deposit now have almost no low deposit mortgage deals available to them – down from 779 at the beginning of March.

As a Guildford mortgage broker with access to the UK’s best mortgage deals, we can find the right mortgage for everyone. However, given the speed at which mortgage products are disappearing, combined with increasing demand for mortgages, it looks as though another bottleneck could be around the corner; one caused by people scrambling for specific mortgage products just in case they disappear.

Whilst Complete Mortgages is unable to comment on how many more low-deposit mortgages are going to be withdrawn, there certainly seems to be a downward trend.

As a result, the only way in which to address this is to apply for a mortgage as soon as possible; not only so that you have access to the biggest pool of mortgage products available, but also to place yourself firmly in the mortgage application queue, which is likely to continue to grow until the stamp duty holiday is discontinued in March.

If you feel like you’re running out of time when it comes to applying for a mortgage, then let Complete Mortgages handle it all – from initial mortgage consultation to getting a decision from the lender – for you.

Contact our team of Guildford mortgage advisers on 01483 238280 or email info@complete-mortgages.co.uk. And remember, we also handle buy to let mortgages and commercial mortgages, too.