First Time Buyer Mortgages

So you’re buying your first house? Congratulations! In amongst all the house hunting and the haggling; all the solicitor’s reports and surveys, it’s hard to stay focussed on just what it means to be a home owner. It means a mortgage for one thing! Fortunately that’s easy enough these days; painless even! Straightforward to arrange, easy to stick to, (assuming you pick the right plan) and, above all, designed with the first time buyer firmly in mind. Specialist first time buyer mortgages are now more freely available than ever before, giving you the easiest, most cost effective route into home ownership.

It doesn’t matter whether you choose an online mortgage or a conventional high street mortgage; your options as a first time buyer have never been better. It doesn’t matter whether you choose a run of the mill package, or a bespoke first time buyer’s mortgage plan; your potential savings have never been bigger.

The price we pay for the increasing array of special offers and first time buyer privileges is of course an increasingly inaccessible housing market. It’s harder than ever to get on the property ladder, so mortgage lenders have gone out of their way to make sure that first time buyers get a little leg up. Incentives range from payment of your valuation fees to specially discounted repayment rates for an initial period. Even as a first time buyer, you’ve got still got considerable clout – so don’t be afraid to press for more benefits and bigger incentives.

Knowing what sort of mortgage best suits your needs can be hard to determine, even for experienced home buyers - but only if you don’t take advantage of any of the help that’s freely available to you as a first time buyer. To begin with your mortgage broker will take your individual circumstances into account in deciding on the best packages at the best prices. But it’s up to you to decide. To make things easier, your broker will additionally give you a range of options covering a range of lenders – giving you the best deals on offer, across the board. Brokers are available online and on the high street, and this sort of assistance is seen as an essential component of their overall service to you. After all, the better the deal they can find, the better the chances they’ll get your business, and the better the chances they’ll get their commission!

Of course you don’t have to rely on anybody else to do it for you if you don’t want to. With the net at your disposal it’s not difficult to collect and compare the data for yourself. Calculation charts, comparison indexes and daily rates are all available online, helping you to make the most informed choices for your money.

When choosing your mortgage you’ll need to have a good idea of what you’re going to be able to afford to pay on a monthly basis. Lenders generally offer three and a half times your annual income – or, for couples, two and a half times the joint income, or two times the larger income and one times the lesser income. However, rates are negotiable, depending on your individual circumstances. (And that’s where the internet scores highly for first time buyers.) If you need a different deal, chances are you’ll find it. Self certification mortgages are available to first time buyers and are ideal in cases where you’re just starting out, or if you’re the beneficiary of some sort of financial assistance that isn’t covered by the customary lender’s portfolio.

That’s the key to it all really. It’s your home; it’s your mortgage. If you ever feel like the decision is being taken out of your hands, don’t take it. There are guides to all the major mortgage types (and a few more besides) on this website. They’ll answer your questions – and they’ll give you the ammunition you need to fight for your rights to the best mortgage on the market.

First time buyer mortgages may be a valuable commodity; but first time buyers are one of the most valuable commodities in the financial world.