Mortgage options for first time buyers

Some people have been through the mortgage process before and are old hats, as it were.

But for money, the mortgage they are currently considering will be the first mortgage they have taken out, because they are first time buyers.

Time was when people looked to buy a house relatively early in their 20s, but now with house prices in the UK being so high at the time of writing, it is actually use much later in the 20s or in the early 30s and sometimes with friends that people look to get on the housing ladder for the first time.

Whatever the situation happens to be, there are many people for whatever reason who are in the throes of getting a mortgage sorted out for the first time, and it can be both a nervous, thrilling and exciting time for them.

It is a landmark event and also surely going to be the biggest debt and loan that you ever take on (for most people at least!)

Now, some providers actually offer a slightly lower rate for first time buyers and will have an attractive introductory rate for the first couple of years, and this will then revert.

Banks are often keen to get first time buyers because hopefully they will become a customer for a very long time, and if they go on to acquire wealth perhaps by virtue of having become a homeowner in the future, then they also want a chance of getting any future mortgages that you take out, so first time buyers can be quite attractive!

The key is to take your time to shop around and don't just jump at the first offer you get of being lent the mortgage sum, if one provider is prepared to take you on then there are very likely going to be others that will too.

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