Mortgage Guide

First Time Buyer Mortgages

First time buyer mortgages are not what they were! As UK property prices have risen, 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.

In fact, the market has become so ‘tough' for those lenders selling first time buyer mortgages that they have had to be uncharacteristically innovative. On the other hand, the 'credit crunch' has meant that first time buyers need to be less of a risk to the lenders so we will see more guarantor mortgages, mortgages with parents or parent helping with the deposits to reduce the amount of mortgage required. 

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 financing 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

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 Mortgages - Shared 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.