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

FTBs urged to take advantage of record-low mortgage repayment schedules

16-Feb-2010

Would-be first-time buyers (FTBs) searching for their first mortgage have been advised to take advantage of the current record-low interest rate.

Seeking independent mortgage advice may be the best course of action for those unsure on how to reach the first rung of the property ladder, according to Mike Garner, writing for Subprime Blogger.

Locking in to a fixed-rate mortgage now - with a base rate of just 0.5 per cent and fixed deals being offered by many providers at a low level - could be a shrewd move.

Discussing the low mortgage repayment rates currently on offer, Mr Garner states: "No one knows how much longer it will last, but do not let this opportunity pass you by."

However, for many FTBs, the problem remains securing a significant deposit, with the best mortgage deals sometimes available only to those ready to offer a large portion of a home's value upfront.

FTBs who manage to secure a home were last week warned by James Carter of Independent James not to view their property as an investment but as a home, as there is no guarantee its value will rise or that a move will soon be on the cards.

How to buy a house from finding your first property, first time buyer mortgages, mortgage advice, shared equity, shared ownership, joint ownership, part buy part rent and HomeBuy. All a first time buyer could need as well as first time buyer news at FirstRungNow.com.

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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