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

First-time buyers 'should talk to mortgage advisors'

06-Aug-2009

First-time buyers have been encouraged to talk to a mortgage advisor to find out what their best options are.

While house prices are relatively low there will be an increase in demand from people looking to get a step on the property ladder, explained managing director of FirstRungNow.com Helen Adams.

In general, those looking to put down the deposit for their first house are getting older, she stated.

Even though many will have help from their parents – either by acting as a guarantor or through a joint mortgage – Ms Adams noted there are options for those who do not have the support of a family member.

She said: "The best thing about mortgages … [is that] you [can] get a good mortgage advisor that knows how to pick through them and see what they can get.

"There is also the government's Home Buy Scheme which is a possible solution."

In conclusion, Ms Adams recommended first-time buyers speak to a mortgage advisor or home buy agent for help.

According to the Council of Mortgage Lenders, the average age of people getting onto the property ladder is 37.

First-time buyers trying to work out how much deposit they need to save up for a property might be interested to know the average house price in 2014 is expected to be £227,800, according to the National Housing Federation.

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.

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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?

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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?

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