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

Boost for first time buyers mortgages as home purchases 'costs less than renting'

27-Apr-2011

Posted by Helen Adams

First time buyers may be boosted by news that buying is now cheaper than renting.

A survey by Halifax found a mortgage on a typical three bedroom home is £608 a month, whereas paying rent on such a property costs £706.

When you are starting out looking to take that first step, you will need to take advice for your first home mortgage.

"The typical monthly mortgage payment has declined by over a third since 2008 as a consequence of falling mortgage rates and lower house prices," noted Halifax housing economist Suren Thiru.

Buying your first home can be daunting. First time buyers will need to know all about how to buy a first home and their first time buyer mortgage.

Such encouragement for first time buyers follows another Halifax survey this week revealing the average key worker can afford a typical home in 38 per cent of towns, compared with just three per cent in 2007.

The starting point for how to get a mortgage should be to research it online then seek first time buyer mortgage advice from an advisor or broker.
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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?

Yes
No

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

Fixed Rate
Variable rate

Interest only mortgages are cheaper but in the end you don't end up owning the property. Which is better?

Interest Only
Repayment

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

Yes
No

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

Too complicated
Too expensive
Too risky

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
Too complicated
Good option


 

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