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First Time Buyer Mortgages
Usually first time buyers are offered a mortgage through the estate agent they purchase their property from. However this may not always be the most ideal way of finding a mortgage, and it may be worth shopping around for a mortgage before you start looking for your first home. That way you will have a better idea of how large your purchasing budget will be.
What mortgages are available to first time buyers?
Some lenders offer mortgages, which they call first time buyers mortgages. These are tailored to suit the needs of the average first time buyer and include features such as a low or no deposit required. Other mortgages that are suitable for first time buyers are as follows:
100% Mortgage
You pay no deposit and you receive 100% of the value of your new home from your mortgage lender.
Graduate mortgage
The loan to value is usually around 102-103% but some lenders are prepared to lend up to 125%. The additional loan is often used to furnish the graduates first home.
Interest only mortgage
You only repay the interest on the mortgage every month and you invest your savings over the course of the mortgage term in order to repay the mortgage capital at the end.
Low
start mortgage
A low start mortgage combines the interest only mortgage with a repayment mortgage. It allows you to only repay interest during the early years of the mortgage and start repaying the mortgage capital later in the term when you are more able to afford it.
Right to buy mortgage
As a first time buyer, you may be in the position to purchase your home from the council using a right to buy mortgage. Right to buy mortgages usually have large discount rates associated with them.
Of course if you are a first time buyer with a high income and a reasonable deposit there are a wider range of mortgages available to you. For instance you may want to take advantage of a current account mortgage to make your savings, income and mortgage work together in a more logical way.
 How about a mortgage with low initial interest and monthly payments? If you feel interested then go for the Adjustable Rate Mortgage.
Just compare with others and get yourself satisfied before you choose. Also get valuable articles on mortgage here and take a chance to clear your doubts on anything related to mortgage.
New York Real Estate - Real estate realtors from NYBgroup have all apartments in Manhattan and brooklyn.
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