Quotesure - First Time Buyer Mortgages
Applying for a mortgage for the first time will mean an introduction to a whole world that you are not familiar with. With confusing jargon such as 'Loan to Value', 'Income multiples' 'Adverse Credit' and products with names like 'Fixed', 'Trackers' and 'Capped'. That's why it's important to get good advice in a language you understand. The next question is where should I go, whether your bank, a building society or a specialist lender? To save you time and trouble using a mortgage broker that is 'Whole of Market', (this means they have access to source products for all banks, building societies and specialist lenders) can be a good start.
First Time Buyers often have a problem saving for the depost and so some lenders can offer mortgages requiring no deposit and in fact can now offer up to 125% of the property value meaning that you could consolidate your existing debts at the same time as purchasing your property. Other options including shared ownership, sharing a first mortgage with another person has become more popular especially with younger people. and guarantor mortgages where parents guarantee the mortgage. Grovelawn Financial is a whole of market no fee broker and our advisors will be able to point you in the right direction and offer you advice and product information and should you then wish to proceed can deal with all the processes in arranging your first mortgage.
Buying a home for most is certainly the biggest financial commitment you will ever make. So receiving good sound financial advice about your mortgage options makes perfect sense.