First Time Buyer Mortgage
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First Time Buyer
First time buyer mortgages are no different to normal residential mortgages. Sometimes however, a mortgage lender will issue special deals for first time buyers. It is good to have a basic understanding of the types and repayment options available to you. Especially as a first time buyer. The most common types of mortgage are:
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Who can apply for a mortgage?
You must be at least 18 years old to apply. You can apply for a mortgage on your own or for a joint mortgage.
As long as at least one person has never owned a property before, you can often apply for a first time buyer mortgage.
The main obstacle a first time buyer has faced in the last few years is the level of deposit. Historically first time buyers used to be able to put but down 5% deposit. Over the last 3 years with property values falling, mortgage lenders have either withdrawn their low deposit mortgages or increased the rate of interest. For example, a first time buyer with a 10% deposit could pay 2 - 3% more than someone buying with a 25% deposit. This doesn't mean that you wouldn't get a first time buyer mortgage with between 5 - 10% deposit but it does mean that you will certainly be paying more than someone with a higher deposit. Generally, a first time buyer(s) will need 10% deposit.
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.
Some of the products and services shown are not or may not be regulated by the Financial Conduct Authority.
*We do not normally charge a fee for mortgage advice, however this will be dependent on your circumstances. If a fee is charged our typical fee is £200.
As a mortgage broker, Impartial receives a fee from mortgage lenders, which is normally a small percentage of the loan we arrange. Where we arrange mortgages from £100,000 upwards we do not normally charge a fee. For mortgages under £100,000 we will charge minimum fee of £200, this fee is payable on application.