A First Time Buyer’s Guide to Mortgages

It is frightening and exciting at the same time for first-time buyers to embark on a home purchase. You will end up paying a premium even for the tiniest properties in an urban area where even the smallest properties command a premium. Listed below are some tips for making the home-buying process as smooth as possible with first time buyer mortgage advice.

Make Sure You Complete Your Homework

The UK offers thousands of mortgage deals thanks to the large number of lenders offering mortgages. You must be careful not to be duped by the hype and marketing you see on the TV, on the Internet, and on buses etc. When doing market research, you should stay away from all the hype and marketing you see. Furthermore, you should consult your loved ones and friends who have recently gone through a similar process, in order to gain their valuable insight into what you should and, more importantly, what you should not do during this process.

Advisory Service for Mortgages

When you have done your own homework and are still at a loss as to which mortgage company to choose, then you need to seek the help of a mortgage advisor. Although they charge for their services, they have access to dozens of additional mortgage deals across the country. A truly independent adviser is one that is not associated with any of the lenders so they can offer you unbiased advice. Several lenders do not even advertise First Time Buyer Deals in their usual marketing campaigns, so they can provide you with advice on such offers.

How To Make Decisions

You should always ask plenty of questions before making a decision based on all the information you have in front of you. In other words, whether you are talking directly with the bank or using an independent advisor, don’t forget to ask thorough questions.

Make sure you read the fine print as well. You might find that there are penalties associated with paying off your mortgage early. Depending on the sort of mortgage, there may be a redemption penalty, which is applied if you change lenders within 2-5 years of taking out the mortgage. Check if you are affected by this penalty because it can reach thousands of pounds.

The Amount Of The Mortgage

Though you may dream of owning a lovely home, you should consider your financial capability before making a decision. You should set a ‘realistic’ cap on how much you are willing to spend on your first home. Take out a mortgage with a smaller deposit than you can afford rather than a larger one. The money you save will be well worth it. So remember to be realistic when it comes to your budget.


First time home buyers face a lot of stress, but following the simple steps outlined in this article can make the process as stress-free as possible. For first-time buyers, and especially those who have no prior experience, there is so much free advice available, and the expertise of all the experts should help to make the experience less stressful and even enjoyable.

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