Mortgages Uncovered

Buying a home for the first time can be expensive at any time in ones life but now more so than ever. Many people are resorting to renting or even setting up home with friends as a way of being able to finance it. Most mortgage lenders require a deposit of at least five to ten per cent of the value of the property you wish to buy.

As the price of property increases, the deposit can become expensive. A lot of first time buyers are ex students whom also carry the burden of student debt so is getting a mortgage really the best thing to do or is it only going to get them into more debt which they will struggle to repay. It will leave almost their entire income to cover the mortgage repayments.