First Mortgage Matters

I have friends who are looking for a mortgage. My mortgage hunting days have passed and I have to say it seemed much easier back then. With the housing market down and the economy also, my friends are finding it hard to hang on to 10% of a mortgage.

Mortgage companies have long recognised that the first-time buyer is essential for their business. They have to cater to the needs and requirements of their customers. This is why the 10% deposit ceiling has now been pretty much discarded, and many mortgage lenders are currently asking for deposits of as little as 3-5%, or none at all.

Many lenders are providing innovative packages. Creativity will get you through hard times, as a buyer or a lender.

First Time Buyer Mortgages are explained in greater detail at Money Magic, a website dedicated to the mortgage market.

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