First Time Buyer

Raising the finance required to purchase your first home can be a daunting business. Many people are leaving it later and later to buy their first home through a combination of low wages and rising house prices. On top of this, it has become harder for first time buyers to obtain a mortgage due to the rising prices.

Whatever your situation, the chances that you will be able to raise the entire amount needed to purchase a house are likely next to nothing. In order to get on the property ladder, you are going to need help. That is where a First Time Buyer mortgage comes in. A First Time Buyer mortgage allows you to borrow a certain percentage of the price of a house, which you then use to buy the property.

With all First Time Buyer mortgages, you need to be able to pay the deposit for the property. This is usually around ten to twenty per cent of the property’s value. The mortgage will then cover you for the rest of the money. The proportion amount of the property’s value that you will receive as a mortgage will depend upon the lender, the value of the property, and the amount you are able to repay each month. Whatever percentage the mortgage will not cover you for, you will need to raise yourself, otherwise you will still not be able to afford to buy the property.
There are different types of First Time Buyer mortgages, each with its own financing options.

These choices range from taking out the whole mortgage by yourself, to splitting it with several parties. Co-buying a property with your parents could be a good way of lowering the cost of your monthly repayments, or could even make the difference between being able to afford to buy a property or not. It is also a good way of raising enough money for the deposit. The higher the deposit you can raise, the better rate of interest you will receive on your First Time Buyer mortgage.

Because there are so many First Time Buyer mortgage options available, it is important to get financial advice first. It is imperative that you understand all of your options, and what each of them will mean for you in the future. A mortgage is a large financial commitment, so why not call us now to make sure you have all the information you can, and to discuss the options available to you?

We’re here to help you make the right decision and choose a mortgage plan that suits your needs. It might seem as though it is becoming impossible to get onto the property market, but there are still a wide range of options available to you. From sharing the cost of a mortgage between several people, or co-buying with your parents, First Time Buyer mortgages come in a variety of packages, one of which is bound to suit your needs.