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First Time Buyer Mortgage

There is no one single type of mortgage that covers all first time buyers because personal and financial circumstances will vary amongst those who are buying their first home.  However, there are types of mortgages and lender’s offers that are geared towards enticing the first time buyer. Read More...>

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First time buyers underpin the whole housing market allowing others to move up the property ladder and are therefore valuable to the whole business.  Added to this is the hope that many will stay with their first mortgage company so for these and other reasons they remain a sector that attracts mortgage lenders’ attention.

In general, first time buyers may be shorter on cash, have less of a deposit and have a lower income than long standing borrowers.  At the same time the first time buyer is more likely to have other one-off expenses such as furniture to consider. 

For these reasons offers such as low deposit, low initial rates, rates fixed for a set amount of time, cash to spend on furnishings, and other benefits such as first time buyer advice can all form part of a first time buyers’ mortgage.  The special competitive rates are often only available to first time buyers as mortgage lenders compete to attract these new and potentially valuable customers.

As a first time buyer it’s worth taking as much advice as possible because mortgages are a long term commitment and the needs you have today may be quite different from your requirements in 5 years time. Many rates that are offered to first time buyers are dependent on a future higher rate that you cannot easily avoid without penalty, so as with every other major financial transaction careful consideration is the key.