First time buyers in many parts of the country are still finding getting their foot onto the first rung of the property ladder quite a challenge.
This is largely down to a combination of rising rents which soak up more of the money they could have otherwise saved towards a deposit and property prices steadily rising taking the national average house purchase to over £235,000, according to The Land Registry in November 2019.
Thankfully, there are several initiatives that can help first time buyers including; The Help to Buy Scheme and more flexible approaches that lenders are now taking towards the way a deposit can be raised. One such example is where your parents could invest their savings into a linked account equal to or more than the deposit required, thereby effectively providing the deposit while still receiving interest on their savings.
Parents can also become a mortgage guarantor if your lender sees that could benefit your application.
Another challenge for many property purchasers is the ‘proceed-able’ factor or being able to proceed with the purchase with near immediacy.
Estate agents and vendors both favour buyers who are able to proceed quickly and may even work with you to negotiate a lower purchase price on your chosen property.
As a first time buyer you may well be very excited at the prospect of getting the keys to your new home! Equally vendors are comforted by the knowledge that their house is sold so they can proceed with their plans with more certainty.
Our aim is to make this happen and we pride ourselves at having developed a system that reduces time and costly mistakes in the preparation and processing of your application.
A quick turnaround between your application and your offer is one of the key reasons why you should choose True Cost Mortgages because we have the knowhow!