NEVER mind mortgage rate cuts; there’s never been a better time to get on the property ladder.

The Bank of England recently decided to cut interest rates to 0.25 per cent and whilst this could be viewed as good news for homeowners, we believe there is so much more to be positive about.

The likely knock-on effect will be that we’ll see some mortgage rates reduce which will, in turn, pose an opportunity for some first time buyers to get on the property ladder.

When the headlines fade, however, it is worth remembering that a lowering of rates is just one route to getting on the property ladder and here at Andrews we believe there’s never been a better time to buy.

Of course, we’d be foolish to suggest that a cut to interest rates isn’t a good thing, and reduced rates will almost certainly see the market enjoy a boost, but this should be couched within reason.

Most lenders are unlikely to significantly, if at all, alter their Standard Variable Rates (SVR); fixed rates may see some initial downward movement; but it’s in the tracker mortgage market where the greatest gains are likely to be made if there aren’t exemptions in place, that is.

That doesn’t actually make the mortgage market a vastly different place to what we’ve become used to, but that’s not such a bad place to be.

Simply, there has never been a cheaper time to access money, nor has there been an easier time to get a mortgage, so long as – and this is the crux – you’re able to tick all the boxes.

If you’re a first time buyers especially, there is a myriad of opportunities to get on the property ladder if you do your homework, hold realistic expectations and consider more creative options for entering the mortgage market.

With a wealth of information available you should be able to gain a pretty fair idea of what you can afford and once some initial research has been completed, it’s always a good idea to engage with an expert advisor - one who will integrate a stress test on the level of borrowing that allows for interest rates going up by anything in the region of 2-5 per cent.

Remember, it’s not simply a case of the loan being affordable now, but also in the future.

You also need to be realistic about what type of property you really need.

Think about what suits you now and in the immediate future, not what you’ll need later in life.

By considering alternative property types or locations, you could open up options not previously considered.

Likewise, shared-ownership is an increasingly popular option that allows you to increase your amount of equity in the property as your circumstances change.

But it’s not just official schemes that should be considered, and options for getting on to the property market may be closer than you think.

Simply, the ‘bank of mum and dad’ is estimated to be worth £5billion annually, making it the 10th biggest lender in the UK!

As well as providing you with a gifted deposit, they can also consider releasing equity in their own property or being named on the new mortgage to support you.

Finally, there’s always the option of buying with two or three like-minded friends.

This works especially well in areas where city centre living comes at a premium and by pooling resources, a one bedroom flat that seemed unaffordable can become a three-bedroom house.

Of course, you’ll need to have sought expert legal advice and feel comfortable that you’ll be able to manage things should circumstances change in the future, but it’s a great option for getting on the property ladder.

So yes, the likely drop in mortgage rates is an opportunity for some purchasers, but it’s far from the only option and lenders have never before been so prepared to look at more creative options, so long as they are well thought through, make financial sense and are affordable.

If you’d like to discuss your mortgage options, then pop in to your local Andrews branch on King Street in Stroud or visit andrewsonline.co.uk