First Time Buyer Mortgages – Where Do You Start?

First Time Buyer Mortgages Where Do You Start

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There is always going to be confusion for first time buyers when deciding upon a mortgage. Online comparison websites appear to provide lots of information and banks and building societies seem to be helpful, but in reality, they are not actually showing the full picture or advising borrowers on their best course of action.

First Time Buyer Mortgage Deals

Currently, one major mortgage lender is offering a two year fixed rate deal at 4.99% for those with a 10% deposit, with a 99 arrangement fee. There's another one on offer at 5.09% for two years for the same deposit, this time with a 995 arrangement fee. So which to choose? Amortgage adviser will let you know the advantages and disadvantages of each, as on first look it would seem the lower rate would be the better option, although this is not always the case as there are many other factors to take into consideration.

90% mortgages carry higher rates than those loans where a greater deposit is available. One leading lender for example is currently offering a fixed 2 year deal at just 3.45% with a 20% deposit and if you can afford to put down 25%, there's a deal on offer at 2.89%. So you can see the difference it would make long term.

How to get a Bigger Deposit

If you are struggling to stump up a deposit higher than 10% but would like to reap the benefits of the lower repayments that come with putting down more, one solution you may wish to consider is asking parents or grandparents whether they might consider releasing some of the value in their properties to help you out with the deposit. This is becoming increasingly popular, with older family members giving their children or grandchildren an early inheritance' so as to help them onto the property ladder in a more affordable way. Aspecialist equity release adviser will offer a initial no obligation consultation, usually free of charge, so that the principles can be fully discussed.

Your home may be repossessed if you do not keep up repayments on a mortgage or any debt secured on it.

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