First Time Buyers Mortgage

Many Lenders Offer Special Incentives for New Buyers

Most high street lenders are keen to attract 1st time buyers and as such there are quite often special deals available.

No Deposit

A number of lenders will offer 100% mortgages so there is no requirement for a deposit, although the interest rate charged may be slightly higher than normal. Borrowers need to be aware that should property prices fall the property could be worth less than the amount of the loan outstanding, meaning that any shortfall will need to be found from own funds in the event of moving or selling up.

Small Deposit

First time buyers who are able to contribute a 5% or 10% will have a full range of the lenders best deals to choose from.

Graduates

Some lenders recognise that certain graduates have a solid career ahead of them with certainty of income, particularly trainee accountants and solicitors. Graduate mortgages of 100% or in some cases more can be available.

Buying with Friends

With the dramatic increases in property values in recent years single people have found it more difficult to get on the property ladder. Some lenders therefore allow two or more friends to pool their resources and buy together.

The benefit for the borrowers is the ability to borrow more whilst sharing the monthly mortgage payments. On the downside it can be awkward is one person wants to move. To avoid future issues it is sensible for borrowers to draw up a legal agreement to cover all future scenarios.

To search for the best first time buyer mortgage deal in the UK click here.

Your home may be repossessed if you do not keep up repayments on your mortgage. Memigo Money provides information but does not sell or provide advice on mortgages or their suitability. There may be a fee for mortgage advice; the precise amount depends on your circumstances.

For adverse credit mortgages the overall cost for comparison will vary, the actual rate available will depend upon your circumstances. Ask for a personalised illustration.

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