How To Get Started Out On The Property Ladder

If you are a first time buyer, actually making the step to purchase a home of your own  can appear like a dream for most young men and women.  Yes, the credit crunch and everything that followed it has put a hold on the ridiculously inflated property price hikes we we had simply expected to continue unabated forever, but the the lack of availability of credit has had the effect that first time buyers are probably the last in the queue when banks and other finance houses are considering mortgage applications. When you finally manage to get a home of your own, there are few things more pleasant than to relax, enjoy your new place, put your feet up and light some attractive aromatic candles, created by manufacturers like True Grace candles or Yankee candles, around your new home.




But before you get the candles out just getting to that point in the first place is not at all easy.




The availability of mortgages for the typical first-time buyer has been drastically reduced in the last few years.  One explanation for this is that high loan-to-value mortgages ( those products that are designed for buyers who do not have much capital of their own to put towards the purchase price) are to a certain extent what got us into this mess.  And the number of mortgages out there is just a small part of the problem.  Banks and building societies are more fussy who they are willing to lend to.  They check applications more carefully and have tightened up their lending criteria  .  It’s also harder to get (more affordable) interest-only deals, apart from buy-to-let ones.




That said  it’s certainly not impossible to buy your first home, especially if you pay a visit to  the bank of mum and dad (assuming they are open for business).  If your parents are willing to help  you become a homeowner or you’re a parent  keen to get the kids out of rented accommodation , or from under your feet, and into their own home then there is lots of advice from banks, your local solicitor or financial advisor   With the average first-time buyer needing a deposit of £30,000 parent s are coming to the rescue more and more.  A massive 84% of first time buyers under 30 got financial help from their family last year, more than twice as many as in 2006.
























The author is the owner of The Scented Candle Store which has a vast range of luxury scented candles including the world renowned Voluspa candles