Like all financial products, mortgages can be very confusing.
Be very wary about signing up to a deal which may trap you into something you’ll find it hard to get out of. This applies to whether you’re a first time buyer or not.
Make sure that the mortgage term is only for 2 or 3 years and that if you need to end the agreement before then, any penalties are not too severe – unless you’ve done your research and located a long-term deal with a very good interest rate.
It’s good that you’re doing some research by reading this website. You can save thousands of pounds by shopping around and choosing your mortgage with a bit of care.
You don’t need to do a degree in mortgages to avoid paying through the nose. Just read this website a bit and don’t be impressed by any salesman’s jargon. There’s a whole industry out there which stays fat on people’s ignorance, fear and apathy of financial products. But don’t despair. A little knowledge goes a long way.
Jargon is often used by people who either don’t know what they’re talking about and are scared to admit it or are trying to con you by blinding you with science.
So shop around and never be afraid to ask “stupid questions”.
Finally, bear in mind that, as a first time buyer, you are in a stronger position than ever before. Many mortgage lenders are waiting for you to give them your money. They want to make it as easy as possible.
At the end of the day, the mortgage business needs you as much as you need them.
- 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