First Time Buyers Summary
Before you start looking for a place get a mortgage in principle.
As a first time buyer your main problem will probably be finding enough money for the Deposit. You want as big a deposit as possible because the more you borrow the more it costs you in the long run.
Be very wary about signing up to a deal which may trap you into something you’ll find it hard to get out of – whether you’re a first time buyer or an old hand..
Don’t just grab the first mortgage you can.
To play it very safe consider using an IFA on a fee paying basis.
Some mortgage lenders make special efforts to lure first time buyers in. So keep an eye out for these special deals.
If you’re buying as a couple, factor in the unthinkable future parting of the ways.
It will always help if you can show you’ve been paying regular rent for a similar amount to what your intended mortgage payments will be. So keep any receipts or other evidence.
- Intro / What You’re Getting Into
- Process / Flow Chart Of What Happens
- Buying Your First Home
- Be Careful Out There
- Don’t Just Grab The First Mortgage You Can
- Problem: Having Enough Money
- Guarantor Mortgages
- 100% Mortgages For First Time Buyers
- Should I Borrow Five Times My Income?
- Having Problems As A First Time Buyer? Read Some Solutions
- UK Government Help, Homebuy And Key Workers Schemes
Now that you've read this are you interested in talking to a mortgage adviser? Fill out the quick form below and you'll be contacted soon by an independent, regulated mortgage specialist for a free no obligation quote.
and £15,000 on your Mortgage
Get a custom rate and see how much you will save
by filling out the quick form below.