4th October 2014
A Guide for Your First Time Buyer Mortgage in Peterborough
Your first time buyer mortgage is just one part of the puzzle and something that needs to be considered properly. This post briefly covers some of those considerations.
Sufficient research of first time buyer mortgages will mean that you increase your long-term financial security and reduce your stress levels! Your first home should bring you happiness and this can be achieved, you just need to know where to look.
There are several lenders who are opening their doors to first time buyers, it’s just a case of providing evidence of a long-term financial plan – a fixed salary – as well as having an adequate deposit.
How Much Deposit Do I Need for My First Time Buyer Mortgage Peterborough?
For those interested in a first time buyer mortgage deal, there are options available to prospective buyers who have as little as a 5% deposit to offer. With this being said, it is very important to remember that the lower the deposit you pay for your first time buyer mortgage, the higher your repayments are likely to be and also over a longer mortgage term. Low deposits can sometimes be supported by government initiatives such as the ‘Help to Buy’ scheme. It is essential that you seek professional advice from a broker such as The Mortgage Broker Protection Ltd, so that you can further investigate whether this will apply to you.
The majority of buyers who are looking at a first time buyer mortgage should be aiming for a 25% deposit. This may seem considerably higher however the greater the deposit, the more choice you will be offered for your first time buyer mortgage scheme. This is because lenders will view you as less of a risk thus making you more financially appealing to them.
Looking For A First Time Buyer Mortgage in Peterborough?
With more choice of lenders comes a more competitive offering of interest rates. In addition, you will also need to be considering the other costs involved with being a new home owner. This inevitably means that searching for your first time buyer mortgage can become quite confusing.
That’s where Talk Mortgage Broker Peterborough enters the equation. Their advisors want to help you find the perfect first time buyer mortgage and won’t stop until you are 100% satisfied with your first time buyer mortgage scheme. The Mortgage Broker Protection Ltd advisors have a wealth of knowledge which they will use to assist you in finding your mortgage. Most importantly, they work for you and not the lender which means that all decisions are made with your best interests at heart. Give The Mortgage Broker Protection Ltd a call today and see how you can benefit from their first time buyer mortgage advice.
Upon application a fee of up to £495 will be payable (typically £195)
Tags: First Time Buyer, First Time Buyer Mortgage, mortgage peterborough