All this is brilliant news for first time home buyers. Better still, the seasonal home buying uptick has sparked an increase in competition between mortgage lenders. You want a loan, they want to lend - it's a first time home buyer's dream. Still, consumer confidence remains generally low and some potential first timers may hesitate about taking on a mortgage, especially given the recent rise in house prices.
Shopping about for the best first time buyer mortgage, even in a buyer's market, is imperative. Finding out what a first mortgage will cost is important in deciding if you can afford your first property. It will be nearly impossible to secure a mortgage without a deposit, so be sure you have money saved before you start looking. Remember, there are many innovative first time buyer mortgages available these days, ones which consider factors such as how much rent you've been paying or potential lodger income from an extra room.
First time buyers are best off seeking the advice of an experienced mortgage broker. A good one will know all the best offers for first time buyer mortgages and can help you take your first steps toward home ownership.