Homebuyers in the UK are not giving up on their quest to become homeowners. It is taking a creative approach for many to get onto the property ladder, but persistence is a trait that is putting a key into many hands. According to reports, first time buyers are busy shopping for property online and inquiring about options pertaining to deposits and mortgages.

Climbing house prices are becoming a greater challenge for first time buyers and that issue is showing up in mortgage lending reports and buyer reports as the level of first time buyers has slightly declined over the last few months. However, annual comparisons are showing a stronger resolve to gain ownership with increases over last year.

On the side of the first time buyer are the low interest rate mortgages available from lenders, with some being historically low in the history of the lender.

The same low interest rates are being offered to homeowners looking to remortgage. However, many homeowners have ignored the call to remortgage by experts. This is due to their lender’s standard variable rate (SVR) being attractively low, yet their comfortable position could quickly disappear should lenders start to increase their SVR levels. This could happen with little notice and certainly with very little time for a homeowner to get a new deal.

The uncertainty in the global economy has many experts suggesting that lenders could soon be forced to step out of the current competitive environment. This would cause borrowers to see fewer rock bottom interest rates offered. Lenders SVRs could begin to rise as well.

The UK economy, housing market, lending market, and the upcoming referendum may be heard in the whispers of experts, but first time homebuyers and homeowners looking to take advantage of the opportunities available in lending are keeping hope. Perseverance, perhaps help from a broker, patience, seeking out information, and that hope will eventually see them reaching their goal.