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UK Mortgage and loans info for First Time Buyers.Info for First-time Buyers.Options for firsttime buyers. |
First Time BuyersBuying your first home is a major undertaking, probably the biggest financial commitment you will ever make. Most people are unsure where to begin sorting out a first-time homebuyer loan.There are literally thousands of mortgage deals to choose from, which is actually great as it means prices are competitive. But as a first time buyer it also means that the mortgage market place is incredibly confusing. There are many terms and jargon such as: "fixed rates", "capped rates", "trackers", "remortgaging". How do you know which deal will be best for you? Will an advisor try to sell you the wrong mortgage just to get commission? Are endowments the root of all evil? What is an ISA mortgage? There are so many factors to take into consideration that you may well have your head in your hands by now. First-time buyers should find basic answers to Mortgage questions on our pages via the navigation bar on the left and the FAQ and Glossary buttons at top page right. We have broken down the mortgage basics into managable chunks of information which should help a new home buyer to gain the confidence in understanding the mortgage market. First Time Buyer.There are a number of advantages and disadvantages of being a first time buyer.On the up side, many lenders have schemes specially aimed at the first time buyer market with special offers such as free valuation, legal fees paid or even cashbacks. But on the down side, since you have never had a mortgage before, it is more difficult for you to prove that you will be a 'good borrower'. Because house prices have risen quite a lot in the recent past, many first time buyers need to borrow quite large sums with little or no deposit. This can mean that you are pushing the limits on income multiple, loan size and loan to value. Check the pages below and step through the types of mortgage available for first time buyers. Its at this time that you should see the sort of mortgage solution that may be right for you. Mortgages explained Types of Mortgage Repayment Mortgage Endowment Mortgage Interest Only Mortgages |
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