first time buyer Mortgage guides
Looking for your first time buyer mortgage ? When you decide to buy your first home it should be an exciting time. But, sometimes there’s so much to think about that it can be quite daunting. For example: there’s thinking about what area you want to live in, knowing what type of property to look for, and even having to find a solicitor.
On top of all that, there’s sifting through hundreds of first-time buyer mortgages, which can be quite scary. Particularly if you’re not sure about what to do and in what order to do it. Just as well we have an array of first time buyer guides to help.
During the fixed rate period your payments will remain the same. Whatever happens to interest rates during this time, whether they go up or down, your payments will not change. This can be a great help when it comes to budgeting. It also provides valuable peace of mind, that you won’t suddenly see your payments increase if interest rates go up.
When choosing a mortgage, you’ll need to consider different mortgage interest rates and fees you’ll be charged.
There are two main types of mortgage rate, there are Fixed Rates, where the interest you’re charged remains the same for several years, usually between two and five years. And there’s variable rates, where the amount you’re charged can go up and down.
As a doctor, including as a locum doctor, you may find yourself working for short periods of time on random shifts and doing flexible hours. This could result in you having several gaps within your employment. There are currently a range of lenders which will consider lending based on your annualised contract rate. You may also be able to borrow more than you think, as this will ensure that any tax deductions on your payslips will not affect the mortgage affordability.
*first time buyer*
First Time Buyers are classified by most mortgage lenders as those who have either:
- Never owned a property or
- People who have owned a property in the past, but not owned one for six months or more.
For each lender, the rules and ideas about this differ. There usually are no issues in being a First Time Buyer. To qualify for stamp duty relief, First Time Buyers must have never been property owners in any location in the world previously.
The mortgaging process might appear to be challenging, but this isn’t necessarily so. Buying your first home can be exciting, so if you come across a suitable broker who can handle the process for you at a fair price, do take advantage of their expertise. The purpose of using one is straightforward enough. After all, if you don’t know a thing about cars and yours breaks down, you would rather call a mechanic than fix it yourself. The same applies to mortgages. With mortgage brokers, you can cut down on money, effort and time, so you should use one. You won’t have to pay for the initial consultation.