Tips and Advice for First Time Buyers

For first time buyers, it can seem like the housing market is against them. The news seems to be full of downbeat messages of a property market that sees rising prices (good for owners, bad for those trying to get their first home), banks that won't lend money or approve mortgages, and giant deposits that one can't hope to raise.

Luckily the internet is full of tips and advice for first time home buyers.

Including an article on the BBC on How To Be A First-Time Buyer.

The article details many things people looking to get onto the property ladder should know, including the amount of preparation one should put in beforehand:

Preparing for a mortgage starts early so make sure your documentation is in order. Lenders like to see:

• your last three years' address history, with no gaps

• your last three months' payslips and your last P60 form or three years' accounts

• your last three months' bank statements

• full details of any loans or credit cards you have

It also gives good news, and encouraging news, to first time buyers, such as a ginormous deposit isn't always necessary now. There are up to 49 mortgages available that requires only 5% deposit. There are also new goverment schemes to help people generate the deposit needed for a new home.

Of course, a lot of work is still necessary from the potential home buyers themselves and one of the best things one can do is keep track of the household budget and what can be sacrificed in order to achieve a new home. Being able to borrow money depends heavily on individual circumstances, so make sure the finanaces are in good standing.