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90% Mortgages for First Time Buyers

> Click Here – for independent advice on 90% Mortgages for First Time Buyers.

90% Mortgages have always been popular products for first time buyers.

In the past it was possible to obtain competitive 90% Mortgages for first time buyers – usually at a discount compared to 95% or 100% mortgages for first time buyers. Many first time buyers preferred to find the extra deposit in order to obtain a better deal at 90% loan to value rather than paying less deposit and opting for a more expensively priced 95% or 100% mortgage.

However, times have certainly changed since the credit crunch of 2008/09 …

90% Mortgages for First Time Buyers

> 90% Mortgages for First Time Buyers – the current situation.

Since the credit crunch of 2008/09 and the continuing liquidity (funding) issues within the mortgage lending sector, the criteria for higher loan to value mortgages has tightened significantly and is set to get worse before it starts to get better.

Some mortgage lenders’ criteria is proving tighter than others, but lenders in general are only approving applicants that :

a) Have squeaky clean A1 credit ratings. Any adverse credit history at all in the last 6 years, even very minor, is likely to be an issue and lead to a declined mortgage application.

b) Have a very good affordability profile, without much existing debt (credit cards, loans etc…) outstanding after the mortgage will start. Bank account profile must be in good shape showing that the applicant manages money well.

c) Have a stable employment history (and are employed not self-employed). All applicants MUST be able to prove their income.

> 90% Mortgages for First Time Buyers – the importance of independent mortgage advice.

Independent mortgage advice is always a wise option, but it is particularly wise under the current market conditions.

The main options other than independent mortgage advice are :

a) Find a mortgage yourself.

- Mortgage advisers have to pass exams before they are able to advise – so this should tell you something about the complexity involved.

- There are usually tens or even hundreds of individual 90% mortgages for first time buyers. How will you find and obtain the best one for you?

- If you apply for the wrong mortgage and get declined, this will leave a mark on your credit rating which may effect your future ability to obtain a mortgage.

b) Go to a bank or building society directly.

- You will only receive advice on the mortgages available from that individual mortgage lender, and they will not usually help you make a comparison with the rest of the market.

c) Use a comparison website.

- Comparison sites only usually order products by headline rate.

- There is MUCH more to choosing the right mortgage than the initial headline rate. It is a big risk to take choosing your mortgage this way.

- If you apply for the wrong mortgage and get declined, this will leave a mark on your credit rating which may effect your future ability to obtain a mortgage.

> Would you like to find out which 90% Mortgages for first time buyers are available to you?

>> Submit a FREE no obligation online independent mortgage advice enquiry.

>> Or Call 0845 1800 290.

Your home may be repossessed if you do not keep up repayments on your mortgage.

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