Mortgage Advice for First Time Buyers, First Time Buyer Mortgages and First Mortgage Advice

'Jargon confusion' on first-time buyer mortgages

29-Jan-2009

Many first-time buyers (FTBs) find key financial terms difficult to understand when taking out a mortgage and would benefit from expert advice, it has been suggested.

According to Jaedon Green, head of mortgage development at the Halifax, mortgage jargon can prove a hindrance when people are looking to purchase their first property.

"They need a combination of advice, expert knowledge and mortgage deals which help make the first steps on the property ladder easier," he said.

The industry expert's comments come as many people could be considering financial solutions to get on to the property ladder, such as shared ownership mortgages and first-time buyer mortgages, after falling house prices have improved affordability for FTBs.

Nationwide reported this month that the average property lost 15.9 per cent in value during 2008 as the credit crunch affected the UK economy.

But FTBs who cannot define definitions such as "Key Facts Illustration" and "gazumping" might need to consider first mortgage advice, the Halifax indicated.

FirstRungNow.com - how to buy a house, from finding your first flat or first house, first time buyer mortgages, shared ownership, buying with friends, gifted deposit, part buy part rent - all a first time buyer could possibly need.

House prices 'will fall by 10% in 2009'House price reduction predictedProperty market tipped for major recovery
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There's alot going on! What do you think?

Interest rates are low but could rise? Is this a good time to buy?

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Varialbe rate mortgages go up if bank interest rates do. Which is your preference?

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House prices are waivering. Do you think this is a good time to buy?

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Shared equity mortgages allow you to buy a new home with 5% deposit and an equity loan through FirstBuy. What do you think?

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Rent to buy allows you to peg a property price, save towards a deposit and pay reduced rent. What do you think?

Works best in a rising market
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