RSS FeedsFirst Time Buyers Mortgage
If you are new to the mortgage market then it can be quite daunting, dealing
with different companies and people, understanding legal and technical mortgage
jargon.
Finding the best mortgage products
for you can be difficult as there are so many products available on the market. At
mortgagequotes.me.uk, we will help you find the best possible first time
mortgage deals that match your requirements.
Most people finally decide that they are ready to make the next step in
life and join the property ladder. Some have had enough of paying money
on rent and not having anything to show for it, for some people promotion
or marriage can result into the decision of buying the first ever property.
A simple definition of mortgage is where you borrow money over a period of term and agree to pay a rate of interest for the privilege.
The beginning of the First Time Buyer Process - Your First Home
Like with most things the cycle or process is driven by some sort of need
or requirement, we guess in your case its finding and living in your dream
home.
A lot of this is going to be new so paying particular and close attention
to detail will pay its rewards down the line.
Location of your new
home is very important. Look at the housing market in that area, are
too many people selling, are the crime figures too high, consider local amenities
and if they meet your requirements? Although some things may not matter
initially it is important to be aware of them as this can have long term
impact on the saleable value of your property later down the line.
When looking to buy your first home it may prove useful to take a friend,
colleague or family when carrying out your viewings. In many cases
someone who has experience in property or has moved themselves a few times
can prove very handy. When looking at properties look at them with
future in mind as well as accommodating your immediate needs. Cosmetic
changes are often easy to make and your home can be personalised with relatively
low costs so don’t let the current décor upset you.
I’ve found my dream home - I need a mortgage!
So you’ve found your dream home and now need to arrange a mortgage. There
are many mortgage
lenders and providers in the market who can offer a mortgage
product, but the important factor is finding a mortgage product that meets
your needs.
Finance will play an important part in determining which type of mortgage you select. If you have some form of deposit to put down on your mortgage then it will favour you in the long term. Basically, you will need to borrow less and therefore pay less interest on your borrowings. Another important factor is the mortgage term you go for, again if you spread your monthly payments over a 25 years mortgage you will probably have lower monthly payments than if you were to select a 10 year term. The key really is to go for something you can afford and upkeep. Mortgages are a massive commitment and probably one of the biggest single debt items you will ever have, therefore select your product wisely.
How much can I borrow?
Nearly all lenders will have a formula that takes into account your income and expenditure, upon the outcome of this exercise they will determine what they feel they are able to borrow you. The actual amount will vary so shopping around can pay dividends.
Which mortgage type do I go for?
The financial market has been more accommodating for first time buyers and
has designed many products to suit specific needs and circumstances. Some
lenders will offer you a 100
percent mortgage or even 125
per cent mortgage where
you can borrow amount equal and above the property value. These types
particularly suit those who have very little or no deposit.
Research has shown that many first time buyers opt for a mortgage product that has a fixed level of interest for a specific number of years. This ensures the new homeowners know exactly how much there mortgage payment is going to cost them even if the interest rate levels increase during the agreed term.
Where do I start?
Well you’ve come to the right place, complete our mortgage
quote form and we will open the door to the best mortgage deals and offers in the
market place. Some of these offers can only be found on the internet!