First Time Buyer

New property borrowerNew Borrower



If you are a first time with no experience of getting a mortgage, professional advice from a mortgage broker who can use the market as a whole may potentially assist you make an informed decision on the most suitable mortgage product to meet your current needs and circumstances. This will be probably, the biggest financial commitment you will make so helpful lending criteria guidance is essential. It is important not to over stretch yourself and plan that your future borrowing can be met and suits your needs.

Subject to satisfying the individual lender’s criteria a lender may offer to lend money to purchase a property in the form of a mortgage. A residental mortgage which is a loan secured on your new home means that if you are unable to service the loan they own a large percentage of your home and can repossess that property if you are unable to service that loan correctly. You will only receive a mortgage if you match their lending criteria.

This is unlike a unsecured loan for example a personnel loan from a bank. There are many issues and components to a mortgage that should be understood. For example what is loan to value, early repayment charge, stamp duty, debt consolidation, self cert, disbursements, deposit and mortgage arrears. Take note that some mentioned are actual mortgage products and options which may not be included within a mortgage as a component.

You can potentially save a lot of money by choosing the right mortgage for you, insuring it is the most suitable mortgage to meet your current needs and circumstances. . But your mortgage is a long term commitment and the deal that you take out should match your requirements. For example if you plan to only live at the property for a while due to job transfer you may consider having a portable mortgage or a home loan without early repayment charges. If you redeemed the mortgage early high penalty could be charged. As guidance how an early repayment charge can apply for example by taking out an incentivised product such as fixed rate, discounted and capped rate these could incur early repayment charges after the incentive has expired.