Many moons ago John wrote a helpful guide for first-time homebuyers that not only covered mortgages and associated insurances but also a lot of practical advice on buying your first home including viewings, estate agents, conveyancing and practical tips for budgeting etc. we used to get great feedback on how useful it was. As things changed over time it became a little out of date so he withdrew it intending to update it at some point and now that I have taken over the vast majority of the mortgage work here at Bloomfield Financial I thought I would pick up where he left off and get a new guide out there.

So I thought before I get going properly I would ask you what as a First Time Buyer you would like to see in the guide? And if you're not a first-time buyer then what do you wish you had been told when you were?

When I was 16 years old my Grandad died suddenly, it was devastating for me and it took quite a long time to get over the shock. Eventually, though you start to accept these things as he was old. However, as I got older I realised he was only 66! To a 16 year old that was old now as a 37-year old, I realise when I’m 66 I won't even be old enough to claim my state pension.

Perspective is a powerful thing it frames how we see the world.

Last year the BBC  reported that the age of an average first-time property buyer was now between 27-34 depending on where in the country you happen to live. It's not that surprising that the age has been creeping up over that last couple of decades as house prices have increased exponentially and wages haven't it has become harder and harder for first-time buyers to raise that essential deposit.

According to the Daily Mail, the average first-time buyer needs a deposit of more than £30,000 that's more than the UK's reported average salary.

Traditionally equity release or lifetime mortgages have been marketed as a way for retirees to release equity from the property to fund a more luxurious lifestyle but of course, the funds can be used for almost any legal reason. Many people who would qualify for a lifetime mortgage are reluctant to do so because they feel that they would be 'taking away' the families inheritance.