First Time Buyer Mortgage

How to Find the Best Mortgage for First Time  Buyers


If you’re looking to buy your first home then  finding the best first time buyer mortgages is likely to be one of your main  priorities. Here’s what to look for. 

Buying a property will almost certainly be your biggest financial commitment  so it’s important that you get your finances in order.

With such a wide range of first time buyer mortgage deals in the marketplace,  understanding the choices and finding the right product can be tough. So here’s  what you need to know:

What to look for in a first time buyers mortgage

When researching a 1st time buyer mortgage, there are three main things that  you should consider:

  • What interest rate will I pay?

  • What associated fees and charges will I pay?
  • What first time buyer mortgages am I eligible for?


There are two main types of mortgage deal; fixed rates and variable  rates.

A fixed  rate mortgage guarantees your repayments for a certain period of time as the  rate of interest applied to your mortgage borrowing is set for a certain number  of years.  This means that you have the certainty that your repayments will not  change during that period whatever happens to general interest  rates.

A discounted variable or tracker rate is generally linked to either the Bank  of England Base rate or a lender’s Standard Variable rate (SVR).  These rates  will go up and down as interest rates rise and fall and your repayments will  change accordingly.

As well as finding the right interest rate for you, it’s also worth checking  what associated fees you may incur with your chosen first time buyers mortgage  deal.

Many lenders charge a booking or arrangement fee for a fixed or tracker rate  deal and you may also have to pay a valuation fee and cover the cost of  surveys.

The best mortgage  deals for first time buyers generally combine a competitive interest rate  with reasonable fees.

In addition, you should be careful to make sure that you are eligible for the  first time buyer mortgage deals that you are considering.  For example, check  that your income fits the lender’s criteria and that you have a big enough  deposit to qualify for a particular deal.

Choosing the best first time buyer mortgage deals

With literally hundreds of first time buyer mortgages available in the  marketplace, there’s plenty of choice.

It’s simply a case of finding the best option for your personal  circumstances.

You should look for the cheapest first time buyer mortgage deal for the LTV  (loan to value) that you need to  borrow. Most likely this will combine a low interest rate with low  fees.
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Mortgage and Insurance Advice 7 days a week from Mortgage Simplicity

Mortgage and Insurance Advice 7 days a week from Mortgage Simplicity


                                             Think carefully before securing other debts against your home.
Your home may be repossessed if you do not keep up repayments on your mortgage or any other debt secured on it.
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