You don’t need to work for the Department of Work and Pensions (DWP) to know that unemployment is a serious problem in the UK. Last month it rose to 2.56m, which suggests that vacancies are scarce and competition for those that are actually available is fierce. The employment market as a whole is in dire straits too.

Grim up north?

Slight improvements in the job market have been made in recent months, but the fact is that the picture for those looking to nail down a job remains pretty bleak. There are variations for each region in the UK, with the South East providing a surplus of job vacancies according to research by indeed.co.uk.

However, further north in towns and cities such as Rochdale, Middlesbrough and Hull, not to mention the county of Lanarkshire, job opportunities are far rarer. High unemployment is having a serious impact on numerous areas of the economy: for those looking to get onto the first rung of the property ladder by saving for a mortgage, it’s even bleaker.

A distant dream

With younger people who aspire to leave their parents’ homes struggling to even find jobs that pay enough to make saving possible, the number of first-time buyers is on the slide. While unemployment is a significant barrier put in place of young people wanting to own a home, even before the downturn first happened five years ago, rising house prices made it impossible for many.

A combination of sky-high property prices and high jobless rates mean that for anyone wanting own their own home, they will have no choice but to wait and save until they can scrape together enough money for a deposit. Despite that, there may be a silver lining in the form of different types of mortgages which could be deemed affordable.

Rollover bonus?

In an attempt to try and persuade more people to become first-time buyers, new mortgage types are being rolled out, while affordable rates are being offered to try and help keep the housing market ticking along. Some of the most popular types of mortgage today with those who are buying homes for the first time include rollover rate, capped rate and fixed rate.

If you’re unsure about what any of them are, Yorkshire Building Society explains what a rollover mortgage is and its benefits. The range of mortgages on offer today might become more attractive if the unemployment situation starts to improve at a quicker pace, but until then, only those types that offer the best value for money will appeal, and only in special circumstances.