Applying for a First Time Buyer Mortgage

Unfortunately the main problem with applying for a first time buyer mortgage is the lack of choice. According to the Guardian newspaper, there has been a 75% decrease in the number of mortgages available with a 10% deposit down or less. This means first time buyers have to find at least 11% of the property's value to put down as a deposit.

Most mortgage lenders will judge people, who are employed full-time in the United Kingdom, on their annual salary. They triple the person's annual salary, to come up with a rough figure of how much they are willing to lend. This figure can go increase depending on a person's credit rating. If a couple are applying for a first time buyer mortgage the bank will use both salaries to come up with a suitable figure.

Britannia finance offer a variety of first time buyer mortgages and are happy to sit down and discuss the one most suitable to the customer's needs. They also offer short, medium and long term fixed rate loans. A fixed rate means your interest rate will not change for a specified period,which can be anywhere from one year to ten years.  Nationwide also offers a fixed rate first time buyer mortgage. They also offer competitive rates subject to financial status. Nationwide's interest rate of 4.0% APR can be fixed for three or five years depending on the individual application. They also offer free mortgage advice to ensure you end up with a mortgage that is suitable for you.

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