First Time buyer mortgages
The first rung of the housing ladder, you want your own space and you want to own it not rent well this puts you in the bracket of first time buyer.
Back in 2007 I bought my first house, I knew very little about mortgages so needed to do a lot of research!
Before I go any further I'll pass on my little nugget of personal advice, if you're buying with a partner and you've never lived together before , Rent for a while FIRST! I bought straight away lived together 12 months then we split up. For years I struggled to pay the mortgage on my own as bills which were split previously were now solely on me! Once you know you get on well under the same roof and any annoying habits are found out, then think about a mortgage.
My my second piece of advice is get the best deposit you can save, on a mortgage over 25 years roughly every pound you borrow will cost you 2 pounds to pay back. Therefore a £5000 deposit in the long term is actually worth more like £10000.
Back in 2007 I bought my first house, I knew very little about mortgages so needed to do a lot of research!
Before I go any further I'll pass on my little nugget of personal advice, if you're buying with a partner and you've never lived together before , Rent for a while FIRST! I bought straight away lived together 12 months then we split up. For years I struggled to pay the mortgage on my own as bills which were split previously were now solely on me! Once you know you get on well under the same roof and any annoying habits are found out, then think about a mortgage.
My my second piece of advice is get the best deposit you can save, on a mortgage over 25 years roughly every pound you borrow will cost you 2 pounds to pay back. Therefore a £5000 deposit in the long term is actually worth more like £10000.
starting out
So you've saved a deposit (at least 10% of the house value is recommended) you've had a look at houses and got an idea of ones you'd like price wise, now what?
The first stage is getting a mortgage agreed in principle , this means based on certain criteria the bank approving your loan. This normal entails proving your earnings, outgoing and debts and meeting their terms.
The first stage is getting a mortgage agreed in principle , this means based on certain criteria the bank approving your loan. This normal entails proving your earnings, outgoing and debts and meeting their terms.