First Time Buyer Mortgage

Mortgage lenders introduced more stringent lending criteria some years ago when the recession took hold such as not being so generous as to how much you could borrow based on your salary or the amount they would lend in relation to the value of the property you wished to purchase.

 

However, it is the first time buyer mortgage market that stimulates the rest of the housing market as they are often at the start of the chain of properties being purchased and sold. As a result the Government are encouraging mortgage lenders to help this sector.

A first time buyer mortgage is usually offered by most of the high street banks and building societies so it is worth shopping around to look at as many mortgage rates as you can to try to find the best mortgage rate possible. There are a number of ways you can do this such as visiting the high street banks and building societies to meet with a member of staff who is trained in mortgages, contact a mortgage broker or even go on the Internet and visit one of the price comparison websites who have access to numerous lenders.

In addition to the interest rate you should also take into account the rest of the mortgage package being offered such as the amount you can borrow in relation to the value of the property, the fees the mortgage lender, solicitor, valuer etc will charge and are their any options to pay more than you need to the mortgage lender each month or make any lump sum reductions without any penalty.

Being a first time buyer you may be unfamiliar with everything that is involved in the purchase of a property so many mortgage lenders provide a first time buyers guide to assist you that you will find most useful.


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