First Time Buyer Mortgages

Also Read - Getting on the Property Ladder | Mortgage Conveyancing | Mortgage Protection

For first time buyers the mortgage market is a maze of confusing terms and jargon. But after you consider that the rent that you pay is really not benefiting you at all, apart from putting a roof over your head you may as well flush it down the loo. Having a property of your own can only serve to benefit you in the future, it would be an investment for the future, one that will increase in value, one that can be passed on to family making their lives easier.

The amount of money you can borrow on a mortgage will depend on your income. Lenders have different combinations to work out how much you can borrow, it varies, some use an equal percentage of both you and your partner’s wage. Some will calculate it using a larger percentage of the highest income, and a lower percentage of lowest income. Single applicants can usually borrow around 3.25 times their income. The fact that house prices can rise quickly means that you should get your foot on the ladder asap, or you could find that the first rung has risen out of your reach.

It is always beneficial to have the largest down payment you can manage to save toward the properties value. A down payment does not cost you interest. Most lenders prefer to lend you a percentage of the value of a property rather than 100%, that way should you not keep up repayments they can take procession of the property and sell it for a profit. A lender is legally within their rights to repossess your home if you continuously fail to make monthly payments.

Full range of UK Mortgages:

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Any Purpose Loans

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Combine all your debts into one affordable monthly payment .

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Wedding Expenses

Make you wedding day a very special day to remember.

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YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP MORTGAGE OR DEBT REPAYMENTS SECURED ON IT
THINK CAREFULLY BEFORE SECURING ANY OTHER DEBT ON YOUR HOME. NON PAYMENT OF ANY LOAN CAN AFFECT YOUR CREDIT RATING

Every effort has been made to ensure that the facts here are correct. No liability is accepted for any errors contained herein or for any loss resulting from actions taken.