First Time Buyers - Is now the time to buy your first home

First Time Buyers – Is now the time to buy your first home?

According to Yorkshire Building Society, mortgage applications from First Time Buyers has increased massively by 33% year on year. Not only that, but the number of First Time Buyers has increased by 25% in the past 8 years.

What Factors Are Influencing First Time Buyers to Buy Now?

The stabilisation of housing prices, after years of steep increase, gives buyers more purchasing power, increasing the opportunity to find a suitable home within their budget.  Add to this the increase in government support through schemes such as Co-Ownership that make it easier for new buyers to enter the market, particularly those who struggle with the initial costs of buying a home.

Increasing rental costs are another factor causing people to look into more affordable housing options, such as home ownership. No one wants to pay someone else’s mortgage and have nothing to show for it.

Buying your own home also provides a level of stability that renting cannot match. Fixed rate mortgages offer consistent monthly mortgage payments, protecting homeowners from unpredictable increases in rent that tenants often face.

Inflation is falling, with interest rates set to follow in the near future. Now is a great time for first time buyers to begin their search for their first home.

Here at Mortgage Solutions Belfast, we have a comprehensive range of mortgage products designed to meet the needs of first time buyers, from low deposit mortgages, to fixed rate mortgages, we can provide solutions that fit your finances. Our competitive rates and flexible payment terms ensure that you have access to the best possible financing options.

Our expert mortgage brokers and insurance advisors can assist you with buying your first home, from setting a budget and sticking to it, to getting sale agreed in a bidding war.

We can arrange a free private consultation to discuss things like:

Your Credit File: By discussing your credit file we can recommend the best possible lenders.

Your Mortgage Affordability: Finding out how much you can afford to pay towards your mortgage each month on top of your other house hold bills, will help you set a realistic budget for your first home.

The Real Costs of Moving Home: Be prepared for what’s ahead if you decide to buy your first home, including solicitors fees, stamp duty and more.

One Off Costs: We can tell you surveyor fees for specific Mortgage lenders so you don’t get caught out by hidden costs.

Monthly Mortgage Payment Amounts: We can calculate your monthly mortgage repayments and insurance costs

Maximum Purchase Price: Finding out how much you can borrow is essential before you begin the search for your first home.

We can also compare deposit options with you, including no deposit mortgages, low deposit mortgages or high deposit mortgages and help you to find the best mortgage lender available to you, from many Banks and Building Societies and ensure you get the best possible rate.

Get in touch with our mortgage experts at Mortgage Solutions Belfast, to see how we can assist you with a first time buyer mortgage.

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