Guide to Buying your first home
Buying your first home in the UK these days is not easy. Many years of rising house prices this century have made it difficult for first-time buyers to afford their own home, and when average prices finally started coming down following the credit crisis in 2007, mortgage lenders started tightening their lending criteria and demanding much larger deposits.
At the same time, continued economic uncertainty and job instability have discouraged many potential purchasers from getting on the ladder in recent years. Combine that with the fact that increasing living costs, soaring rents and high inflation make it harder than ever to save up a deposit, and it’s little wonder that first-time buyer numbers have been falling.
Fortunately, some mortgage lenders appreciate the challenges faced by first-time buyers, and have come up with increasingly innovative ways to help you onto the mortgage ladder.
Designed with the first-time buyer in mind, this guide aims to sum up the main concepts and processes involved in buying a property. And once you get the keys to your first home, you will hopefully find that all the effort has been worth your while.