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Sun, 02 Aug 2026

Sun, 02 Aug 2026 The change that may help you get a mortgage as a first-time buyer

More relaxed mortgage regulation opens the door for some first-time buyers, but it comes with risk.

* First-time buyers can now borrow up to 6 or 7 times their annual income, making mortgages more accessible.
* This change comes after a rule relaxation that allows lenders to offer bigger loans compared to borrowers' incomes.
* However, there is still a risk of reckless lending, which was blamed for the 2008 financial crisis.
* To qualify for a larger mortgage, first-time buyers typically need: + A good credit history + A regular salary (self-employment may be ruled out) + A salary sufficient to qualify for specific mortgages + Acceptance of borrowing at a certain interest rate + Enough savings for a deposit
* Circumstances can change, and lenders may become more picky if the economic outlook worsens.
* Experts advise having a cash buffer or plan in case of financial changes.