First Timer Buyer Mortgages Comparison
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First Timer Buyer Mortgages
Compare First Time Buyer Mortgages
Are you looking for cheap first time buyer mortgages? You’ll find some great deals at Tiger.co.uk where you can quickly and easily compare first time buyer mortgages.
What type of mortgage is best for first-time buyers?
When you’re ready to take that next step and get onto the housing ladder, it can feel exciting, but also daunting, particularly with so much to learn about the types of mortgages that are available. Let’s start by quickly breaking down some key mortgage types.
A repayment mortgage is when you take out a mortgage, or loan to pay for your home, and you agree to pay it back with interest over a set amount of years. Usually, a 10% deposit is required. If you want to buy a house that costs £200k, you would put down a £20k deposit. Your mortgage would be £180k. The interest you pay on this mortgage at the agreed rate is included in your monthly repayments. By the end of the agreed term, you will have paid back the entire mortgage plus the interest.
Interest only mortgage
An interest only mortgage differs from a repayment mortgage because you agree to pay back only the interest on the loan. You would then be expected to pay off the loan in full at the end of the agreed term. This kind of mortgage is usually more suitable for those with a higher income who will be able to afford the lump sum at the end of the agreement.
Within these two main categories, there are a host of subcategories of financial products on offer. For example, you can also choose a fixed-rate mortgage where you lock into an interest rate for an agreed term, or a tracker mortgage, where your interest rate is tied to the Bank of England base rate.
How much mortgage can a first-time buyer get?
Mortgage lenders will typically lend 4 to 4.5 times your annual salary as a mortgage. You will need to factor in other variables such as the deposit amount, your credit rating and if you will be taking out a joint mortgage with a partner. All these factors will affect how much your lender will be willing to offer.
Where can I find cheap first timer buyer mortgages?
As with most financial products, the key to finding the best deals is to shop around. When you compare first timer buyer mortgages quotes, you can get a good picture of the kind of deal that will suit you and your needs. Research is your friend, and that’s where we can help. At Tiger.co.uk we can help you compare a large selection of mortgage deals, giving you the ability to stay in control of your finances, by choosing the offer that you feel is best for you.
Find great deals with Tiger.co.uk
Tiger.co.uk is committed to helping you find fantastic deals on first timer buyer mortgages. We have a large network of lenders to make it easy to compare first timer buyer mortgages quotes at a glance, all thanks to our expertly designed system.