With numerous deals to pick from, first time buyers may find it challenging to get the most suitable deal. 24-7 Mortgages can provide all the help and advice you’ll need to make your first step on the property ladder.
You may have questions about ways to get a mortgage and which type will be suitable for you. Should you choose a fixed rate, a discount rate, capped or tracker mortgage? 24-7 Mortgages here to help you understand the options available and find the mortgage that most suits your circumstances.
Most First Time Buyers require a high loan-to-value (LTV) mortgage typically (5 to 10%). These are mortgages that are designed for first time buyers who have a reduced deposit.
It is typical for 90% loan to value mortgages to have higher than average financing charges and higher rates of interest - so make sure you talk with a trusted mortgage broker from 24-7 Mortgages to ensure you get the most suitable deal!
With banks often requiring a minimum 10% deposit, getting on the property ladder is becoming increasingly hard, but there are several other mortgage options which may help such as backed schemes such as Help to Buy.
Other costs first time buyers will need to consider include a mortgage admin or arrangement fee. All lenders will also typically require a basic valuation; however, you may wish to upgrade this to a homebuyer’s report or full survey.
We can help you understand the differences between various offers, and ensure you secure a mortgage that fits your situation.
Here are a few of the major mortgage kinds and ways to pay back that you may wish to think about.
Fixed: Pay a set rate of interest for a predetermined period.
Tracker: Your rate of interest tracks the Bank of England bank rate (for a predetermined period) and can increase or fall.
Discount: Offers a price reduction on the Lender’s Standard Variable Rate (for a predetermined period).
Final Point there has never been a better time in the UK to buy your first house due to property prices being low and the interest rates being at an all time low. Let 24- Mortgages help explain the wide range of mortgage products you have access to and help you buy your first home.