First Time Buyer Mortgages
You have saved hard for your deposit, been successful in tapping up Gran for some spare change and are fed up living at home. You are ready to buy your first property but what on earth are first time buyer mortgages?
What are First Time Buyer Mortgages
Well, briefly, first time buyer mortgages are a type of residential mortgage that is offered specifically to people who have never bought a home or, with some lenders, those who have not owned a home in the last three years.
Often, first time buyer mortgages are simply normal mortgage rates that are being marketed specifically to those who have not bought a property. You don’t have to have a special first time buyer mortgage – you can have any residential mortgage you like!
Lenders like to encourage first-time buyers in the hope that they will stay with them over a long period (pro tip – always hunt around when your mortgage rate ends, loyalty is not often rewarded by lenders *shakes fist angrily*)
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So, what can you expect from First Time Buyer Mortgages?
Some of the perks might include a bit of cashback or a free valuation. However, while these things can be appealing, it is important to determine the true cost. £500 back on completion might sound amazing, but not if you pay £1500 more in interest to get it.
The types of first-time buyer mortgages that will be offered will cover all the product ‘types’, so expect to see fixed rates, tracker rates, and discounted rates all being marketed to you as a first-time buyer.
Whilst it can seem daunting (possibly even overwhelming) we would say remember this; Most people lucky enough to buy a home only ever do this a couple of times in their life and so it is impossible to become an expert in it. As a first-time buyer, if you have done your research, don’t be afraid and assume you know any less than the next purchaser.
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