The first time buyer market is receiving considerable press attention at the moment as lenders start to launch mortgage products that only require a 5-10 per cent deposit, says
This comes at a time when first time buyers need all the help they can find to get onto the property ladder. It is important that first time buyers completely understand the house buying process and what their options are. There are a number of ways to find out all they need to know.
The Citizens Advice Bureau can help when it comes to money management, helping people to understand how they can effectively save money for a deposit.
When it comes to looking at mortgages, talking to a potential lender can be very useful. Many mortgage providers would be happy to discuss the mortgage process and can really help people to decide what mortgage is best for them. It is easy for first time buyers to get confused by the jargon and details of buying a house and with securing a mortgage.
Talking to a local estate agent could give potential buyers the insight into what they need to do before they find their dream property. Online research can also be great for initial background research and many sites offer impartial advice to people who are looking at buying a house.
To help prospective first time buyers access the information they need, The Cambridge building society is holding a first time buyer seminar on Thursday (see www.cambridgebs.co.uk). We have places available for people to come along and listen to professionals from all areas of the house buying process talk about things they need to consider to help them get onto the property ladder. This includes presentations from Cambridge Citizens Advice Bureau, a local estate agent and two local solicitors. I will also be there to talk about securing a mortgage and the house buying process. There will be an open floor question-and-answer session.
Buying a house for the first time doesn’t need to be daunting and stressful, and people should make the most of the support that is out there for them.