First-time buyers have had a pretty raw deal over the last few years as house prices have spiralled out of control, so much so that the average house became well beyond the economic reach of most people, let alone those who were still looking for their first steps on the housing ladder. Mortgages were available with very small deposits but the problem was that even though many building societies were prepared to offer historically outrageously high loans to earnings ratios the repayments were still far too high for most people to comfortably afford. The result was entirely predictable; millions of people fell into arrears on their mortgages, thousands of families have had their homes repossessed, and prices have fallen with a bump!
As the old saying goes however, it is an ill wind that blows no one any good and first-time buyers who are now looking for a house to buy have a much better choice of reasonably priced accommodation, even despite the notorious Home Information Packs which have done so much to keep property off the market! In addition, the large number of repossessions have meant that a lot of houses are going for sale at auctions and the prices that they fetch are often very much lower than asking prices for all that similar properties so people who have funds arranged beforehand can get a good bargain and a helping hand on to the housing ladder. To be able to buy a property at auction it is usually necessary to have a fairly decent deposit but if you wish to have more information about this, including ways and means of cutting the required deposit down substantially, please phone Apple Mortgages Ltd on 0845 481 8228. Apple Mortgages Ltd who not only arrange auction finance but they can help you to find the best standard mortgage as well, and they have many excellent contacts which means that they can very often help clients who have had difficulty in raising the mortgage that they need.