First Time Buyers

theunderground

Me and my partner aren't looking to buy until September 09, we are looking at spending around £140k and by then we should have 10% of that saved by then. At the moment I have been looking at first time buyer deals and they all seem to be around 5.75 to 7%. Is this a realistic figure to be thinking about or by September will the rates have dropped a little. I know its hard to speculate but 7% is significantly above the current base rate. Pre downturn were first time buyer rates more appealing than that?

Any advice appreciated. Thanks

before_hollywood

roughly about 6-odd when i got an offer 3 years ago

opinions4u

The are in a similar range to those currently available.

I think the best things you can do are:

(1) Keep saving every spare penny.
(2) Keep an eye on the market, but don't get hung up on it.
(3) Enjoy a further 5%-10% fall in house values between now and September.

If you can get your deposit up to 15%/20%/25% you may be opening a number of doors to cheaper borrowing too.