Things are starting to look up for first-time buyers who are trying to get a home and their first step on the property ladder.

Following the financial crisis, first-time buyers were hit hard, as lenders tightened up their lending conditions and looked for bigger deposits before they would agree a mortgage.

But recent times have seen a double boost for first-time buyers and many are finally being tempted to get out of the rent trap and invest in bricks and mortar.

Firstly, the number of lenders prepared to offer mortgages to potential buyers with just a 5% deposit has risen in recent years, and rates have come down.

Secondly, there has been an increase in the number of lenders prepared to offer 40-year as well as 25-year mortgages, which brings the monthly cost down.

Research from Moneyfacts.co.uk reveals that 60 providers now offer mortgages at up to 95% – that’s an increase from 53 a year ago, 47 in 2014 and just three in 2009.

Also, a typical two-year fixed rate mortgage comes in at 3.28%, compared to 5.32% in 2014. A five-year fixed rate is typically 3.73%. This would have cost you 5.48% in 2014 and 7.09% in 2009.

For some, being able to spread the cost of their loan over 40 rather than 25 years might be the clincher.

Santander Mortgages report that almost 51% of all residential mortgage products can now be taken with a maximum term of up to 40 years, compared to just under 36% five years ago.

Buying a home makes sense, especially when you consider that people could save £178.500 by buying a property rather than renting, over a 40-year period.

And what is heartening about a longer mortgage is that you can always change it if your finances improve. For example, you might decide to overpay your mortgage payments to pay it off quicker or remortgage to a shorter term, if your finances allow.

For a free, no obligation discussion on any mortgage or insurance-related issue, please give me a call on 01723 384558 or 07767 692 653 or email me at mgrayshan@googlemail.com