First Time Buyers
As a first time buyer without the proceeds of a previous
sale to rely on, you may need to borrow a higher proportion
of the property's value - you may need a 100% mortgage or
more. The first time buyer market is extremely competitive,
which is why many mortgage lenders offer special deals designed
exclusively for those who have never bought a home before.
Take the advantage of speaking to one of mortgage-searcher's
experts in your local area. Among the special deals you may
qualify for are:
- 100% Mortgage
As the name implies, a 100% mortgage provides the full purchase
price for those who do not have a deposit or who would prefer
to use their savings to do up their new home. In some cases,
your mortgage lender can even provide a 105% mortgage, giving
you some extra money to spend on your new home after you
buy it.
- Cash Back Mortgages
A cash back mortgage means that, once you have bought your
home, your mortgage lender pays you a proportion of the
loan (usually around five per cent) in cash to spend as
you wish. If you have never owned your own home before,
you may well need furniture, electrical goods, curtains
and so on. A cash back mortgage loan can help cover these
expenses.
- Legal and Survey Fees Added to Loan
There are a number of other costs involved in buying a home
that can add a further strain on the wallet at time when
you are trying to keep all the savings you have for moving
in. Some mortgage lenders will add these costs to your loan
so that you don't have to pay them up front (although this
will increase the size of your mortgage loan).
- Discounted Monthly Payments
The first few months of moving in are the most expensive,
so some mortgage lenders offer discounted mortgage rates
(lower monthly payments) for a period, often six or 12 months
from the start of the mortgage loan term.
Get the individual, professional advice you need and the
best mortgage deal for you, with no obligation, from one of
Mortgage Searcher’s leading experts.
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