With the current turn in the economic climate - house prices are reported to be dropping in previously high growth areas; one asks the question :

is it going to be easier for the first time buyer now??

Sadly the answer is probably no. Any drop in house prices will most likely bring around some sort of corresponding increase in interest rates, this in turm will both increase future repayments and decrease the likely borrowing limit available for first time buyers looking for a first mortgage for their home.

Bad Credit/ High Risk Mortgages have already sent shudders through the economy in the US and it appears that the economic tsunami will soon reach our shores.