Mortgage lending has been a common practise by most people, people investing on properties whether for self-occupying purposes or for investment purpose. This is a norm and often people are not aware of the dos and donts and what to look out for.
Mortgage gives an insight to first timers who do not know much about mortgages. Go to Mortgages for First Timers about how we can profit from house price correction. The article touches on how first timers may be the ones who benefit the most and may not necessarily be at the losing end.
In my opinion,this is because most of the time, first timers are aiming at finding a place to live in, a shelter for themselves. People in positions of power recognize this. When market is down, or when properties prices are low, first timers would want to buy because they are looking for a place to stay and not for investments. Usually investments would be 2nd priority at that moment. First time buyers are more likely to buy properties and take up Mortgages during market fall, trying to grab every opportunity to save money.
In my opinion,with very little capital and savings, first time buyers who may likely be newly married couples or working adults in their 20s, they may find it difficult to find the right property at a suitable price according to their financial capability. First timers may be more wary when market is good but tend to let their guards down quickly when property prices go down.
This article is good and gives us an insight of first time buyers and Mortgages.