Mortgage Advice for First Time Buyers, First Time Buyer Mortgages and First Mortgage Advice

Mortgage Guide

First Time Buyer Mortgages

First time buyer mortgages are not what they were! As UK property prices have risen then dropped, first time home buyers have found it harder and harder to get onto the first rung of the property ladder. Gone are the days when a first time buyer could simply multiply an annual salary by two-and-a-half and see what  first time buyer mortgage that would secure him!

Finding out what your first mortgage will be and how much it will cost, is an important factor in seeing if you can afford your first property. These days it very hard to secure a mortgage without some sort of deposit but it can be done if your parents have some savings they can place in the account of the lender thereby offering some surety. Other options in this vein are also becoming available. Late 2011 finally sees the beginning of greater availability of first time buyer mortgages.

A good mortgage advisor can let you know, based on your circumstances what the best current mortgage offer is for you. Variables are such as interest rates, interest or repayment, administration fees, termination/early redemption penalties etc There may also be certain incentives or discounts on at any one time.

First Time Buyer Mortgages summary video

Today, the market has become so ‘tough' for those lenders selling first time buyer mortgages that they have had to be uncharacteristically but rightly cautious. This means we will see more guarantor mortgages, mortgages with parents or parent helping with the deposits to reduce the amount of mortgage required. If you have access to a deposit then you should seek mortgage advice on first time buyer mortgages from our network of advisors.

Mortgage lenders who have risen to the challenge now offer a whole raft of innovative first time buyer mortgages. Examples are: first time mortgages based on how much rent you've been paying, a mortgage which takes into account potential lodger income, mortgages for parents buying with or helping to finance a child, shared ownership mortgages – there is a vast array of first time buyer mortgages for those looking for a first mortgage.

Your first and most important step is to seek specialist first time buyer mortgage advice. Good mortgage advisors will know about all the UK first time buyer mortgage deals going at any one time.

We have listed all our favourites in our Best First Time Buyer Mortgages Comparison Table. In this table we run through the features as well as the pros and cons of each type of mortgage. This 'best first time buyers mortgages comparison table' should be used in conjunction with the sort of mortgage comparison table used by a mortgage advisor as they will also compare the rates at which the first time buyer mortgage lender will charge for the mortgage as well as the paying back terms.

ACTION: Request no-commitment, independent,  first time buyer mortgage advice. Request a quote for first time buyer legal services.

Features, advantages and disavantages of specific first time buyer mortgages:

100% Mortgages l Cashback Mortgages l High LTV Mortgages l Graduate Mortgages l Professional Mortgages l Mortgages with Parents l Guarantor Mortgages l Family Offset Mortgages l Mortgages with Friends or Family l Mortgages at University l Rent a Room Mortgages l Affordable Mortgages l Interest only Mortgages l Part Repayment Part Interest Mortgages l Interest-free Start Mortgages l Shared Ownership Mortgages l Poor, Adverse or Poor Credit Mortgages l Key Worker Mortgages l Shared Equity Mortgages l 30, 35, 40 Year Term Mortgages

Other mortgage guides, advice and useful pages:

Mortgage Comparison - About First Time Buyer Mortgage Advice - First Time Buyer Mortgage Brokers - Buy to Let Mortgages for First Time Buyers - Remortgages for First Time Buyers - Shared Ownership Mortgages - Help with Mortgages for First Time Buyers - Mortgages for Parents of First Time Buyers - Shared Appreciation MortgagesShared Equity Mortgages - Joint Mortgages - Financial Advice for First Time Buyers - Overseas Mortgages for First Time Buyers - Request First Time Buyer Mortgage Advice - Find your First Property - New-Build Gifted Deposit Deals - Best First Mortgages Comparison Table

Useful websites:

www.cml.org.uk
– council of mortgage lenders.


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There's alot going on! What do you think?

Interest rates are low but could rise? Is this a good time to buy?

Yes
No

Varialbe rate mortgages go up if bank interest rates do. Which is your preference?

Fixed Rate
Variable rate

Interest only mortgages are cheaper but in the end you don't end up owning the property. Which is better?

Interest Only
Repayment

House prices are waivering. Do you think this is a good time to buy?

Yes
No

Shared equity mortgages allow you to buy a new home with 5% deposit and an equity loan through FirstBuy. What do you think?

Too complicated
Too expensive
Too risky

Rent to buy allows you to peg a property price, save towards a deposit and pay reduced rent. What do you think?

Works best in a rising market
Too complicated
Good option


 

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