When looking to arrange a mortgage a Mortgage Adviser will take your personal circumstances into consideration. By making the right choices on the following options can help secure the right mortgage product for any First Time Buyer looking to arranging their first mortgage.
- Repayment Period – this is the time period you wish to repay the mortgage over. The longer the time period the lower your monthly repayments may be, but this could lead to you paying more interest over the lifetime of the mortgage.
- Interest Rates – when choosing a mortgage it is important to get the right interest rates to suit your circumstances. You can choose options such as Fixed Rates, Tracker Rates and Variable Rates.
- Size of Mortgage – when applying for a mortgage you need to work out how much you can afford to borrow, and how much you can afford to repay each month. A mortgage broker will be able to give you an idea of a realistic figure.
- Deposit – gone are the days of 100% mortgages so you will need a deposit before you think of applying for a mortgage. For first time buyers the deposit required can range from 5-50%, although our brokers can offer you advice on the amount you may need.
- Stamp Duty – if you are a first time buyer you still may need to factor in enough money to cover stamp duty. If your property is worth more than £250,000 then you will need to account for this extra cost.
- Finding a Property – it is best that you find a property before applying for a mortgage, although it is highly recommended that you speak to a mortgage broker first so you have an idea on how much you can afford to spend.
First Mortgage Specialists - We understand that getting your first mortgage is important and finding the right advice can help secure you the right first mortgage. As a First Time Buyer getting advice from a Mortgage Adviser can be vital, find one today in our Local Mortgage Adviser Directory.
