Advice for first time buyers
History of First time buyer mortgages
In the past the problems for first time
buyers came from the property market being very fast and led to significant
increases in property prices. This has made it very difficult for many people to
afford to buy a home. This was a problem particularly faced by first time
buyers, as although they may be able to raise a mortgage, this will often fall
far short of the cost of a property.
This is not the case now with the
increasing of deposits needed to allow first time buyers to purchase their first
property. 100% mortgages are not really
available any more with Abbey being the last of the big lenders to withdraw
their 100% products. The LTV rates need on average a 16% deposit for loan
purposes.
Positives for First time buyers
It is, however, still possible for first
time buyers to get onto the property ladder and there are actually some
advantages to being a first time buyer:
-
Interest rates are at their lowest
for more than 30 years
-
First time buyers are more appealing
to sellers because they are not in a chain (that is they are not part of a
long list of people all dependent on each sale in a chain going through on
time)
-
First time buyers are much sought
after by mortgage lenders
The government also runs various schemes
to help people get on the property ladder, particularly those who are key
workers. Two of these schemes are; The Key Worker Living programme which aims to
help people working in front line roles for key public services to buy or rent a
home and HomeBuy, introduced to help people who cannot afford to buy a home
outright.
We can help you
For a first time buyer mortgage adviser we are one of the best known high street
advisers whether
you are a first time buyer or experienced mortgage customer, or need a
re-mortgage, a first time buyer mortgage adviser will have most of the lending scenarios covered. Apply
with us as a first time buyer and get
professional help in finding the correct mortgage with information you can
trust, knowing he or she will have the latest deals at hand to offer the most
suitable mortgage for your circumstances. With many good advisers around
you should get the benefits reserved for all good customers.
A first time buyer mortgage adviser can apply in different terms
and applications;
fixed rate, discount, tracker, variable rate, etc...
A mortgage is not the same as a personal loan
assistant as a first time buyer mortgage adviser has to be regulated by the FSA and fully
qualified by law to enable them to give advice to the consumer. A mortgage is
secured on your property, so you should be careful not to over stretch your self
because should you get into financial trouble you could end up losing your
property.
A mortgage is far more complicated than a normal personal loan or car loan. It is secured on your home and property. This means when
taking out a mortgage the bank or lender owns your house until the final payment
is made. For a mortgage enquiry please contact
Details supplied here will be strictly confidential!
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