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First time buyers glimpse buying opportunity
First Time Buyers in the UK have had a very tough time over the past few years. What with massively increased property prices and salaries not increasing in line with property price increase many first time buyer have struggled to get a deposit to put down on a house or even afford anything decent even with up to 6 time multiples being given away. On top of this the US sub prime issue has lead to lenders being a lot stricter with their criteria of late making it even more difficult, First Time Buyers don't even have a property of their own to sell to raise a good deposit.
Things however may be about to get better. Inflation is not as under control as it should be and this may lead to higher interest rates and many experts believe a reduction in property prices. Of course all this was predicted years ago and it never happened but the balance of opinion is certainly moving in favour of a property price reduction.
For some First time Buyers it may be the case that they feel it is now or never. Get onto the ladder now before it is too late. Some canny mortgage brokers are advising caution and asking them to hold on just that little bit longer to see what happens. Certainly it would be hard if a 100% mortgage was taken out today with a 5% reduction in house prices tomorrow. Of course as long as you can afford the repayment over the term of the mortgage then it should all be OK.
Nothing beats the advise of a qualified mortgage adviser so we suggest if you are thinking about getting ont he ladder for the first time then you should speak to one and get their impartial help.
30 September 07
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