With so many deals to choose from, finding the right first time buyer mortgage can be confusing. However, as a first time buyer you can enjoy some great money-saving offers, with extras and incentives from cash back to 3 year fixed rates. Ascot Mortgages can find the right mortgage for you. Our service is impartial and brings you the best mortgages from across the market.[ascot-quick-contact-first-time-buyer]
As a first time buyer, you have lots of questions about how to get a mortgage and which type suits you best. For example, should you choose a fixed rate, a discount, capped or tracker mortgage? Many First Time Buyers require a high loan-to-value (LTV) mortgage – These are mortgages purposefully designed for first time buyers who have a low deposit – for more information on our low deposit mortgages please click: 90% LTV mortgage or 95% LTV mortgage.
We can help you understand the difference between various offers, and help you secure a mortgage that fits your circumstances. Here are some of the main mortgage types and ways to repay that you might want to consider:
- Fixed – pay a set rate of interest for an agreed period.
- Tracker – your interest rate tracks the Bank of England base rate and can rise or fall
- Discounted – offers a small discount on the lender’s standard variable interest rate
- Capped – your interest rate won’t rise above an agreed level for a set period of time
- Current Account – combine a bank account with a mortgage, allowing you to make overpayments and receive daily interest changes
- Offset – hold all of your other borrowings with the same lender
Getting on the property ladder is becoming increasingly more difficult. There are several types of agreements tailor-made for first time buyers. Options include shared ownership, guarantor arrangements, shared ownership and the government’s own Right to Buy Mortgage Scheme, which was relaunched in 2012.