According to the Nationwide house price index, the average property currently costs £161,320. Getting approval for a first time home buyer mortgage is an important step towards buying a first home. Home ownership is the realisation of a dream for many young families, but getting a foot on the property ladder continues to be challenging. In order to increase the likelihood of approval for the lowest mortgage rate deals, it is necessary to comply with stringent lending criteria.

Excellent Credit for First Time Home Buyer Mortgage Approval

The lowest mortgage interest rates will only be offered to customers with a good credit rating. Lenders use a process known as credit scoring to assess a potential customer's credit worthiness. Past indiscretions, such as missed and late payments, are reported to credit reference agencies making it more difficult to borrow money. Whilst it may be possible to get a bad credit first home buyer mortgage, it will require a larger house deposit and will be more expensive due to the higher risk of default.

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