First time buyer mortgage
Buying your first home is a major undertaking - probably the biggest
financial commitment you will ever make. Most people in the UK have
no idea where to begin, in addition to searching for the perfect
property, there are many other matters that require careful consideration.
However, the size of the mortgage and the type of mortgage are the
two of the most important decisions a first-time buyer has to make
and there are literally thousands of mortgage deals to choose from,
This is good news for the lender, as it means that prices are competitive
and you can find the right package to suit your pocket and needs.
One of the first things that needs to be done is to find out how
much you can afford to borrow. We can help you do this but, as a
rough guide, most people can borrow around three times their annual
salary, or two-and-a-half times joint annual salaries, but this
will vary from lender to lender. It is important to keep in mind
not to stretch your finances to the limit straightaway, because
if interest rates rise, as they could at any time, there will be
no buffer of protection. Thus it is important to seriously think
about the size of loan for your income level, regardless of how
much lenders are willing to lend. It may not be possible, or wise,
to get the dream home straightaway.
Typically, as a first time buyer you may have less cash available
for the deposit and cheaper mortgage rates in the early years may
be important. However, you may also want the security of a guaranteed
mortgage rate, which will provide peace of mind by ensuring that
monthly mortgage payments do not fluctuate. Fortunately there are
a number of mortgage deals promoted by lenders, which are aimed
specifically at first time buyers. For example, 100% mortgages or
fixed or capped rate mortgages, are usually unavailable to non-first
time buyers.
We are experienced at dealing with first-time buyers and can arrange
a mortgage to suit your individual circumstances. We also deal with
bad credit cases so can arrange a mortgage even if you have a less
than perfect credit history. We search all the lenders to find the
best deal for you. We do all the hard work, so you don't have to!
For free mortgage advice and a no obligation mortgage quotation,
click on the link below.
Click
here for mortgage quote
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