First time buyers today are typically faced with many obstacles in taking their first steps onto the property ladder. Buying your first house is not only a big commitment but it can be very expensive as there are many associated fees to purchasing a home. Typically, first time buyers face the challenge of funding the large deposits required for their first time buyer mortgage but there are also other costs which need to be considered, which we explain towards the end of this article.

Government Help For First Time Buyers

The Government have setup an affordable home ownership scheme to help first time buyers, details can be found at

Do Mortgage Providers Still Loan Up-to 95% Mortgages?

Yes, some mortgage providers we work with are more flexible than others and can offer first time buyers mortgage up-to 95% loan to value. This means that the first time buyer would need to fund the remaining 5% of their mortgage. We have assisted many first time buyers and found them suitable mortgage providers who have offered them a 95% mortgage.
English Bridge in Shrewsbury

When is the Right Time to Buy Your First House?

If you are in a financial position and able to meet the associated costs of purchasing a house now may be a good time. We have seen property prices in the United Kingdom increase in 2013 which makes it even more difficult for first time buyers to be able to ‘get on the ladder’ and purchase their first home. Figures have recently been released and it has been predicted that house prices will increase by 8% in 2014, so if you have seen a house today which has been valued at £150,000 it could cost you £162,000 in twelve months time.

We Have Seen a House We Like Shall We Make an Offer?

Take your time, and don’t be pressurised by local property developers, estate agents and always speak to more than one mortgage adviser when seeking advice on first time buyer mortgages. Study various property websites and understand the house prices in the area. Make appointments to see several properties you like but don’t rush into things and don’t let the estate agent push you into anything. As First Time Buyers you are very attractive to sellers as you come with ‘no chain’. This means that you don’t have a property to sell and could potentially complete the sale quicker than someone in ‘a chain’ as they have an existing property to sell and looking to find a buyer for it.

First Time Buyers Beware

Don’t forget when purchasing a home you will need to consider other costs too so it’s not just your deposit which you need to raise. There is stamp duty (when above a certain threshold), legal costs to a solicitor, survey costs, mortgage arrangement costs & removal costs.

If you are a first time buyer looking for help and advice on suitable mortgages for first time buyers AFP have the knowledge and expertise to be able to help, please call Shrewsbury 01743 364377 for a free no obligation chat or email