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

New first time buyer guide from Britannia

25-Jul-2006

The guide, from Britannia Building Society, offers information to first time buyers on choosing the right home, arranging finances and deciding on the right mortgage.

Britannia's managing director of member business, Tim Franklin, said: "Buying a first property is one of the biggest commitments a person will ever have to make and Britannia wants to help them get it right.

"Our new guide offers a step-by-step approach and covers all the basics including what to look for when viewing properties and the types of mortgages available."

In addition, the building society provides a checklist for first time buyers to work out their expenditure, including upfront fees, bills and living expenses.

Other products recently introduced to help first time buyers include a first time buyer mortgage from Natwest.

The loan helps aspiring homeowners onto the property ladder providing two-year deals with no higher lending charges.

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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