UK Mortgages - First Time buyer Mortgages

Getting on the first rung of the property ladder - Having a reasonably manageable amount of debt and the ability to pay your bills regularly puts you in an excellent position to buy you first home, especcialy if you have a steady income and have been in regular employment for three years. Of course having good credit doesn't mean you will get 100% of the mortgage value, you will probably need some kind of deposit.

For the first time buyer there are plenty of packages that can smooth out the mortgage roller coaster some lenders can offer mortgages that offer Free valuations of your property and even give you cash back when your mortgage is complete. Owning a home can be a significant first step in attaining financial independence. It helps you eliminate rent payments, build equity, and feel the personal satisfaction of calling a home your own.

Even discounted rates are available, lower payments in these early years can enable you to stabilise your finances and minimise the chances of repossession.

Key Advantages

You can in some cases borrow up to 100% of the mortgage on your property meaning no deposit, however you will get a lower rate of interest if you make a deposit on the property.

Lenders & Borrowers

Lenders will provide mortgages to Professionals, right to buy council tenants, ex pats also self build and self cert are available in some cases.

How much can I borrow with a first time Mortgage

Usually budget your mortgage for a 1/4 of your gross monthly income

Mortgages available to a First Time Buyer?

Most lenders offer a range of fixed and capped rates, discounts and flexible mortgages. Some offer base rate tracker mortgages, and some will give cashbacks. Always ask for proffesional advice about which mortgage deals are available for first-time buyers, and which are best for you.

Check the mortgage is flexible

Flexible Mortgages should allow you to

• Underpay
• Overpay
• Take payment holidays
• Carry no redemption penalties
• (Top Tips for a first time buyer )