First Time Buyer Mortgages: More Options [mortgagecalculator-tips.blogspot.com]
First Option Mortgage offers great choices when choosing a home loan, a home mortgage or other financial service for your home.
mortgagecalculator-tips.blogspot.com Great mortgage and home loan options with First Option Mortgage
The Land Registry of England and Wales says that the average house price in the UK over the last quarter of 2010 was just over £230,000. And according to the Council of Mortgage Lenders, the typical deposit needed to buy a property is £31,500.
So if you can raise this sort of deposit and you have a regular, provable income, welcome to the world of first time buyer mortgages. There are plenty to choose from, which is maybe not what you want to hear. More decisions!
First Time Buyer Mortgage Lenders
Norwich and Peterborough Building Society, for example, has launched two new mortgages they feel will be appealing to first time buyers. One of these is a two year fixed rate 90% deal at 5.69% with a £995 product fee.
Estate agents Beresfords have seen first time buyer numbers increase by almost 40% in the first quarter of 2011.
Their new 95% mortgage product has been designed exclusively for first time buyers and is just another option on offer to those with minimal deposits.Government First Time Buyer Help
The Government's recently introduced First Buy Direct Scheme offers a fund of £250 million and properties under £250,000 are exempt from Stamp Duty for first time buyers.
First Time Buyer Mortgage Broker Advice
The best thing to do when you're a first time buyer is take independent mortgage advice from a whole of market broker. Choose someone who specialises in first time buyer mortgages so they truly know the market, and select one who can access all the lenders, even the smaller ones, so you are offered the full range of options.
Options you may never see anywhere else, because they are exclusive to mortgage brokers.Remember some mortgage lenders don't advertise their products on comparison websites, and you won't find the full range of deals by speaking to an adviser within your bank or building society.
There are plenty of options out there for first time buyers, even for those with 5 or 10% deposits. Look into your options the right way â€" by speaking to a whole of market mortgage broker.
Your home may be repossessed if you do not keep up repayments on a mortgage or any debt secured on it.
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