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First time buyer woes

It's Catch 22, house prices are at an affordable level for first time buyers, however they still can't get on the property ladder thanks to the huge deposits needed to secure a mortgage.

Buyers may well be able to afford £100,000 mortgages but trying to save up the 20 – 35 per cent deposit is almost impossible. Most couples are renting at the moment and by the time they pay rent, bills and afford to live, saving up approximately £25,000 is tough going.

A lot of first time buyers can borrow the huge amount of cash from their parents or a relative but not everyone is that lucky. The average age of a first time buyer is 31 but the average age of a first time buyer who is funding the sale all by themselves has risen from 33 to 37 over the last two years.

There are mortgage products out there which, if you can afford the big deposit, will give you better rates. Some banks are offering a 95 per cent mortgage but then the interest rate is 6.99 per cent. No matter what way you look at it first time buyers are finding it a very hard market at the moment.

One area first time buyers don't need to concern themselves with is home insurance. That can be taken care of with the minimum hassle, fuss and cost by simply getting in touch with Westhill Insurance.

Westhill Insurance is part of a nationwide scheme, which only 130 brokers have access to, and this allows Westhill to provide its customers with some very good deals. To see what Westhill can do for you simply go to www.westhill-home-insurance.co.uk and click on "we'll call you," and a friendly advisor will be in touch.

For more advice on business insurance call Westhill Insurance who will be happy to help. Westhill Insurance covers bike insurance, car insurance, van insurance, home insurance, business insurance, let property insurance, commercial insurance or even public liability insurance. It is willing to talk with you and come up with a tailor-made deal to suit. In the current climate of financial and insurance crisis Westhill Insurance understands the fear of dealing with a large impersonal, unaccountable organisation and sets itself apart as the broker you can speak to and trust.

For more information on Westhill Insurance or a quote, visit www.westhill-insurance.co.uk or call on 0844 371 7000 Mon – Fri 0900-1730 and Sat 0900-1300.

Posted on 14th January, 2010