Mortgages for first-time buyers
Buying your first home is an exciting time, but there can be a lot to think about. One of the first steps is applying for a mortgage - and with so many products out there it may seem like a daunting task!
Let SoSmart Money make the journey a little easier for you, by helping you to compare the right products for you.
Your first mortgage
Before applying for a mortgage, you'll need to work out exactly how much you can afford to borrow, which you can do by using our simple salary calculator.
Mortgage companies will take other things into consideration too, such as your credit rating, but the salary calculator will give you a rough idea of how much you can afford to borrow.
Once you have worked this out, you can compare a number of different mortgage products, specifically designed for first -time buyers, showing you the interest rates and what your monthly payments are likely to be. Many first-time buyers choose fixed-rate mortgages, as they know exactly how much they will paying each month - it's a good way of budgeting if you're new to it - but there are different types of mortgages available to suit all types of buyers.
As a first-time buyer, you are likely to require a deposit. Average deposits range from 5% to 20% of the value of the loan.
The bigger the deposit you can provide will usually open you up to more preferential rates from lenders.
Expert mortgage advice for first time buyers
If you'd like a helping hand to guide you through the mortgage maze, then we have brokers at hand, who can give you invaluable advice on the different products available, as well as helping you to choose the right mortgage for you.
