Compare First Time Buyer Mortgages

Looking for the best first time buyer mortgages from you?

Buying your first house or flat can be a challenging and difficult task. However, it is one of the biggest milestones that people want to achieve in life, so it is important to make sure that you get the right type of mortgage for your first home.

If you want to find the best first time buyer mortgages for your needs, you can use our simple quote comparison tool. Comparing first time buyer mortgages can help you see what different companies offer to their first time buyers. It also gives you the chance to save money on your mortgage.

What is the best mortgage for a first time buyer?

This is a complicated question to answer as the right type of mortgage for a first time buyer depends on your circumstances. However, you should compare first time buyer mortgage quotes from multiple companies, as interest rates for first time buyers can be high.

How much deposit does a first time buyer need?

Generally, it is recommended to save up 5% of the total cost of the property as a deposit. Obviously, this means the deposit amount will change based on the property you wish to buy, as well as the mortgage provider.

Are mortgage rates higher for first time buyers?

Mortgage rates may be higher for first time buyers as mortgage providers will not see as much evidence that a first time buyer can continue with mortgage repayments. The best way to find a good interest rate is by comparing first time buyer mortgage quotes to find the best first time buyer mortgage for you.

How much money should I save before buying a house?

Obviously, you should save the required deposit for the house you want to buy. Many people also suggest that you save up at least three months’ worth of expenses in case of an emergency. You may also want to have savings to cover repairs needed to the house.

Who qualifies as a first time buyer?

A first time buyer is someone who has never owned property. Despite the name, this includes people who have been gifted properties on inherited property. You should check with a mortgage provider if you are unsure whether or not you are a first time buyer.

What is a Help to Buy mortgage?

The Help to Buy scheme is a government initiative to help people afford their first home. The scheme is only eligible for newly built properties, and only first time buyers can take advantage of it. A Help to Buy mortgage often has a low deposit thanks to a government loan.

What is the difference between a mortgage and a secured loan?

A secured loan  is any loan that is backed by an asset. The asset gets taken away by the bank if you fail to make your payments. A mortgage is a type of secured loan, which is based on the house you are buying. Some secured loans are based on other types of assets.