First Time Buyers

First Time Buyers

As a first time buyer, you may have lots of questions about how to get a mortgage and which type suits you best. For example, should you choose a fixed rate, a discount, capped or tracker mortgage? We can help you understand the difference between the various offers, and help you secure a mortgage that fits your circumstances. Here are some of the main mortgage types and ways to repay that you might want to consider:

 Fixed - pay a set rate of interest for an agreed period

 Tracker - your interest rises and falls in line with bank interest rates

 Discounted - offers a small discount on the lender’s standard variable interest rate

 Flexible - vary your monthly repayments

 Capped - your interest rate won’t rise above an agreed level for a set period of time

 Current account - these combine a banking account with a mortgage, allowing you to make overpayments and receive daily interest changes

 Offset - hold all of your other borrowings with the same lender

Special first time buyer mortgages

Because getting on the property ladder is becoming increasingly more difficult, there are several types of agreements tailor-made for first time buyers. Options include shared ownership, 100% no deposit, guarantor arrangements or housing association co-purchases. Often, you can find mortgages offering up to 5 times your salary.

 

YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE OR OTHER DEBT SECURED ON IT.