What Challenges Will I Face When Buying My First Home And Getting A Mortgage?
Despite the importance of mortgages for first-time buyers, getting these mortgages also faces challenges that include:
- Complex steps of getting a mortgage
- Credit rating risk of first time buyers
- The complexity of lenders’ assessment methods about the application and affordability of first-time buyers
- Lack of sufficient knowledge of first-time buyers about the products available in the market
- Lenders Limited products for first-time buyers
- Expanding lender restrictions as a result of the Covid-19 pandemic
- Setting special rules for buying property by first time buyers
- Special features of first-time buyers and restrictions on choosing a specialist broker
- The complexity of comparing rates and conditions of products on the market
- Difficulty evaluating lenders’ promotional programs for first-time buyers
- Difficulty of simultaneously comparing rates and deposits required to obtain a mortgage
- Negotiate with lenders about their rates and conditions
These are among the challenges for first-time buyers, but SWG Mortgage specialist advisors, with their long experience in mortgages for first-time buyers, are aware of the challenges and come up with new solutions to address them.
With the wide range of lenders, they offer borrowers various options to choose from. SWG advisors are fully aware of the products on the market and the rates and conditions, as well as the lenders’ evaluation criteria, and can greatly facilitate the mortgage process for first-time buyers.