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

First Time Buyers Mortgages

Rent-a-Room Mortgages

Please note that whilst you may be able to use rental income as part of an application to remortgage, these mortgages are no longer availabe to first time buyers.


How do Rent-a-Room Mortgages Work?

When calculating your income multiples, the lender will factor in the income from renting out a spare room. The maximum is £4,250 but may change with each tax year.


Rent-A-Room Mortgages – Advantages

This provides a real income stream rather than stretching income multiples or affordability.


Rent-A-Room - Disadvantages

It also means you only have a 95% LTV mortgage. There is no guarantee that you will always have a lodger.


Lenders Specialising in Rent-A-Room


Rent-A-Room 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 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


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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