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

Help for First Time Home Buyers

How parents can seek out the right financial advice

Financial advice for parents helping children into the property ladder is an important consideration. Before you make any major financial decisions, you should seek out the right advice. But ‘advice' comes with several definitions. Since November 2004, mortgages and mortgage-related advice has come under the regulatory eye of the Financial Services Authority (FSA). Then the FSA introduced ‘depolarisation' which reorganised the way advice is given from two options to three. Now you can seek advice from any one of the following:

A tied adviser: These work – and will therefore recommend products – on behalf of just one lender.

A multi-tied adviser: These will recommend products from a limited range of lenders.

An Independent Financial Adviser (IFA): These will recommend products from the whole market.

However, be warned that if you go to see an Independent Mortgage Adviser, they will be independent on mortgages but perhaps not insurance – and 78 per cent of homebuyers take insurance alongside their mortgage.

Contact a professional advisor to seek quotes for equity release, remortgaging or a secured loan. An advisor will help you know the best direction to go in and the costs of parental help.

More Information about Parental Help for First Time Buyers 

Helping with a deposit l Helping with the mortgage l Making a gift l Tax Implications of parents helping children l Legal Implications  of parents helping children  


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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