2011 Predicted As Best Time to Buy a Home

Although many are at the ready to paint a very gloomy picture for the current market in house sales; a study by the BSA (Building Societies Association) has revealed that 2011 could be the best time to buy your new home.

Estate Agents have got plenty of properties in their windows ready to sell, the main problem has been for potential buyers to secure affordable mortgages from lenders with first time buyers not managing to set foot on the first rung of the property ladder.

This, teamed with continued concerns over redundancies in the job market has seemingly deterred consumers from browsing the overabundance of homes for sale. However, despite most reports suggesting that buyers have lost interest in making a purchase, the BSA's survey has revealed that 59% of over 2,000 people asked in its property tracker poll, would buy immediately or certainly within the next year, should they be given adequate funding. A further 11% were said to have answered that they would like to make a purchase within the next 2 years.

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Advice for First Time Home Buyers in 2011

2011 house prices are predicted to be lower in the latter part of 2011 than the beginning. Experts have recently advised anyone looking to make money over a short period to put off buying for now. But for any first time buyers looking for a house for their current or future family, any time is a good time to buy.

You can borrow up to four times your income salary if you have a good credit rating and low debt. Different lenders calculate how much they will loan an applicant using different methods. Looking at different lenders websites or visiting their agencies will help you understand how much they can lend you and whether buying is a realistic opportunity for you at the moment.

Your income may not be high enough for you to purchase the sort of property you are looking for so you can look to get help. This can be loans from family or friends who are willing to help or be a guarantor on the property. Or, buy a property with your partner or friend to double the amount of money you have to buy a property so you can get a bigger home. If you do this you must involve a solicitor such as solicitors dorset to cover any issues should you separate.

In general you will have to put down about 30% of the asking price of the property you want to buy. The higher the percentage of the loan that you require, then the higher the interest rate will be. An average UK mortgage is £150,000 so each month you'd be paying between £700 -£1,100 which would depend on the deposit you have. You will need to find out about freehold dorset as this will affect how good a deal you are getting for your desired property.

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