UK Mortgages and Loans is the complete resource for mortgages, remortgages, adverse credit and all types of UK loans and UK residential mortgages.

First Time Buyers will realise it soon enough. The housing market is ridiculous, and it is becoming nigh on impossible to buy a property where you would like to live. There are many factors as to why this is happening, but there are only two worth talking about. One, inflation is rising therefore the economy is booming and house prices go up! Two, and this is probably the more frustrating of reasons, especially if you want to live in London .

Even if you could raise the capital by getting an extortionate mortgage loan for the property you wanted to buy, someone else who can afford the same property will simply out bid you. That same person will probably buy the property then rent it out to you. How frustrating is that?!

At the moment lenders seem to think the answer lies within the simple solution of ‘lend more money’. This is all very well if the person/people who are borrowing the money can afford to pay it back. So, back to the point; is a seven times your salary mortgage, a good thing or a bad thing? Well, to be honest it all depends on your point of view and your need for a roof over your head.

There are some simple pros and cons for lenders appearing to want to help first time buyers get on the property ladder. One pro is that it will help first time buyers onto the property ladder, and give them a fighting chance of staying there. The obvious con is that offering someone seven times their salary in their time of desperation and need, they’re more than likely to take the opportunity without realising all the potential pitfalls.

In this time of mortgage popularity the best thing anyone can do is shop around for the best deal available, whether it is on the high street or on the internet.