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First Time Buyers
Buying 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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