Now is the time for first time buyers………

First time housebuyers have been a bit of a rarity in Scotland over the last five years.  After the financial collapse in 2008 mortgage finance became close to impossible to get for “first timers”.  Even those who could get a loan were faced with having to find really large deposits.  Effectively therefore first time buyers all but disappeared from the market for several years. Gradually however things started to change.  Mortgage finance is a lot easier to get now and the Scottish Government with its Shared Equity initiative (LIFT) has made no deposit housebuying a real possibility for many individuals and couples looking to buy for the first time.  Lenders are reporting more “first timer” mortgages being approved and the number of purchase and sale transactions are now slowly on the increase. Sandy Macfarlane – mortgage broker at Caesar and Howie believes those with ambitions to buy for the first time should move now.   “House price falls have stopped and indeed prices are beginning to increase again.  I think this trend will become stronger next year as the market picks up.  So now is the time in my view to get on that housing ladder.  Good mortgage products are available including no deposit shared equity schemes.  I think in a few years time the price you can get a “starter home” for now – will be seen to be a bit of a bargain.  So my advice would be buy now whilst the going is good.”