Mortgage Broker – The first time buyer hell
The dip in house prices must be welcome news for the thousands of first time buyers who have been desperate to climb onto the property ladder, but simply couldn’t afford the inflated house prices. But what should be good news isn’t all good. Mortgages are harder to secure – a mortgage broker though will do all the hard work for you, ensuring you get your hands on a competitive mortgage package.
Mortgage broker helps first time buyers
First time buyers have struggled for years as they’ve been out-priced by the housing market. And although property prices are set to plummet by 10% in 2008, reports suggest that the proportion of income a buyer needs to save to get on the property ladder has increased by 351%. A mortgage broker may help you get a more competitive rate, mortgage brokers specialise in finding the right kind of mortgage to suit your circumstances. And turning to a mortgage broker may be the only way to finally get on the property ladder – a mortgage broker could help even if you haven’t got spare pots of money.
Debts and bad credit? Turn to a mortgage broker
Saving is increasingly difficult, more of us are relying on credit cards and overdrafts for day to day living. And during an economic downturn, every penny counts. Many first time buyers are already burdened with debt as a result of accumulating student loans. A mortgage broker can help secure a mortgage, even if you’ve been turned down by mainstream lenders.
Invaluable mortgage broker advice
According to research by the Royal Institute of Chartered Surveyors, a first time buyer earning £26,595 will have to save the equivalent of 104% of their take home pay to save the £27,729 needed upfront to buy a typical home. For those earning less, or who simply don’t have savings or disposable income, a mortgage broker could help find a more palatable solution. First time buyers may now be able to access cheaper property for the first time in a decade, but the cost of buying has risen dramatically – in 1996, first time buyers only had to save 23% of their income for upfront costs. If you need help navigating the difficult and expensive mortgage market, a mortgage broker can be invaluable.
Prosper Home Loans have the experience and expertise to obtain the best mortgage to suit your individual financial situation. Whether you are planning your first purchase, moving home, thinking about remortgage or debt consolidation, buying a second home, or perhaps considering a commercial venture, let Prosper help. Prosper has extensive experience in working with specialist self cert mortgage lenders, so if you’re looking for self cert mortgages or bad credit mortgages, email your query to: enquiry@prosperhomeloans.co.uk or telephone: 01424 712333 and find out how Prosper can help you.