What are the risks when buying my first home?

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What are the risks when buying my first home?

First time buyers have in recent years found themself in a precarious position, as they want to get onto the property ladder, of first time home buyers is on the increase, and there are fears that many of these first time buyers may be over stretching on their financial capabilities, in order to get on the property ladder.
Lenders are now offering higher income multiples than ever before , a whole industry of sub prime lenders have entered the market offering loans to less than clean credit ratings,mortgage lenders are now offering up to 125% LTV targeted towards the first time buyer. There is clearly a risk that first time buyers may take on more than they can pay back if conditions change for the borrower.There are external factors such as interest rates could increase which could have a negative effect on house prices, for first time buyers borrowing high LTV , they are susceptible to negative equity in the property. The first time buyer needs to fully prepare a budget of costs , these include costs not related to the mortgage , eg service charges , insurance , repairs , utility bills and council tax etc.If they do not then there is a risk that they may not be able to afford the property. The first time buyer needs to prepare to pay the mortgage after the special period have ended. The danger here is that if they do fail to keep up payments they risk the home they have purchased being repossessed by the lender in order to pay off their debt, this will leave a big mark on your credit report. Thus will harm any future financing.

First Time Buyer Mortgages Frequently Asked Questions

What is the first time buyers initiative?	Am I ready to buy my first house?
What help is there for first time buyers?	Should I go for a 100% mortgage?
Should I borrow a high income multiple?	What decisions do I need to make?
What are the costs of buying a property?	What are the first time buyers risks?
How do I get a deposit for my new house?	What's involved in buying your first home?

Mortgage Help Desk UK Mortgage Products

"Think carefully before securing other debts against your home. Your home may be repossessed if you do not keep up repayments on your mortgage "

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