Further up to page has given you a first couple of steps in what you need to take in order to get a first time buyer mortgage but we will go over some more points you need to be aware of. As mentioned the first step is to speak to an experienced first time buyer mortgage advisor who can assess your needs and situation but also work out what you can afford. You would do this by arranging a free mortgage appointment with the mortgage broker either online, remotely or face to face. Whatever suits you. After your mortgage appointment, the first time buyer mortgage broker would provide you with a decision in principle. This certificate from the mortgage lender states they would be happy to lend you 'X' amount over 'X' amount of years at 'X' interest rate and the monthly payments will be 'x' amount. This is providing all of the information provided is correct and the underwriters are happy with your chosen property (once found and offer has been accepted) to be used as security against the mortgage loan. This is another reason why it's so important to consult with a professional first time buyer mortgage broker to ensure all of your personal information you are providing is correct and matches up with your current circumstances.

A First Time Buyer Mortgage is simply the first mortgage of your life and used to purchase your first home. There are benefits you will receive as a First Time Buyer should as no stamp duty to pay which can save you thousands of pounds alone. First time buyer mortgage usually has a high Loan To Value (LTV) of between 90% to 95%. This is because with the rising of house prices nationwide, it's becoming harder and harder for first time buyers to save up enough deposit in order to purchase the property in the first place. When the mortgage is 95% LTV, that would require a 5% deposit from the borrower of the property purchase price to be used as the deposit. For an example if you are purchasing a property of £100,000, the maximum loan amount if the lender would allow 95% would be £95,000, meaning the difference is what you would need to put down, for this occasion it would be £5000.

This is a common questions many first time buyers asking, and there answer is simple, YES! If it just a standard property to be used a buy to let and not anything a little more complicated like a HMO, most buy to let lenders would lend to first time buyers providing they satisfied the other criteria required from the mortgage lender. That's not say you couldn't buy a HMO as a first time buyer but it certainly isn't as straight forward, there are many other factors to consider when purchasing a HMO regardless if you were a first time buyer or not.

Yes they most certainly can. In actual fact there are more lenders entering this market and providing more products to first time buyers, giving them the opportunity to get on the property ladder at an affordable price. 95% mortgage only require a 5% deposit which is why these products are most attractive to first time buyers, Muchc better for the first time buyer instead of trying to find 10% deposit. For expensive areas of the UK average property price can range anything from £200,000 and rising up to £350,000 or more, so it can be a lot harder for some first time buyers to get on the ladder as they will require more capital to purchase their first home. Example; £200,000 property, with 95% mortgage product, the deposit would be £10,000 If the property was worth £350,000 with a 95% mortgage product, the deposit be £17,500. Close to double.

Very similar question to the buy to let question. Most investor when purchasing a buy to let will put the mortgage product on Interest Only to keep the mortgage payments as low as possible in order maximise the cash flow from the rental income. Yes first time buyers can get interest only mortgage as and when they are looking to purchase a buy to let. It would be possible for a residential mortgage but the mortgage lender would want to know details of how you plan to pay the mortgage balance off either during the course of the mortgage or at the end of the term. Then it would be up to the mortgage lenders decision if they believe your exit strategy is possible. Sometime people strategies may include selling the property, pay it via inheritance, change to repayment in 5 years etc.

.Now this is a tricky question. I wish it was as simple as saying 'X' mortgage lender offers the best rate/product for first time buyers but it isn't. As first time buyer mortgage adviser we have to assess your circumstances in relation to your income, expenditure, credit score and much more to be able to see what lenders would potentially lend to you. Once we have this information, we can check for the best mortgage product that suits you and review your affordability to ensure you fit the mortgage lenders criteria. The best thing we can do to help with this question is for you to book a free mortgage consultation with one of our first time mortgage brokers and let them explain the next steps.