The good news for First Time Buyers is that there is an availability of products previous generations have not experienced. However, quite often the biggest issue facing first time buyers is whether or not they will be able to borrow enough to purchase the property they want, coupled with the fact that the stamp duty applicable to first time buyers is also adversely affecting them.The price of properties being considered by first time buyers is rising faster than the general market. The number of first time buyers is at the lowest recorded level for 25 years as an increasing amount of people are priced out of more and more areas..

In many cases, the only similarity between first time buyers is their lack of an existing mortgage or property to sell. One of the most common questions asked by first time buyers is how much they can borrow for their first mortgage.

Stumping up a deposit is usually one of the biggest problems for first-time buyers. Surveyors claim that the present ’slab’ approach has led to problems for first-time buyers, house price clustering, tax avoidance and impeded mobility. There are as many solutions as there are problems for first time buyers. There was ‘real urgency’ over the problems for first time buyers, he said, and the proposal was a short to medium term way of tackling the issue. However, with current affordability problems for many (particularly first-time) buyers, this issue is fast becoming a luxury few can afford to worry about. Yet there is growing concern that solutions such as clubbing together could create problems for unwary first-time buyers. Author: Neil Mercer From:www.mortgages.1st2last.net

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