Home Financing for First Time Buyers (Solved)

Financing the purchase of your first home can be a daunting prospect at the best of times. But first time property buyers are finding that t...

Financing the purchase of your first home can be a daunting prospect at the best of times. But first time property buyers are finding that today’s fluctuating property and financial markets are making funding the purchase of a first home more difficult than ever.

Rising house prices have necessitated the raising of larger deposits, and first time mortgages have fallen in number. In addition, lenders have become more wary, which means financing a home has become even more difficult for people with poor credit.

With all of this in mind, if you’re considering purchasing your first home it’s absolutely imperative that you are aware of, and understand, all of the financing options which are available to you. In this way, you will be much more likely to succeed in making that first step onto the property ladder.


Securing a Deposit

For a first time buyer, finding a deposit will be the initial hurdle to overcome. The bigger a deposit you have, the more competitive a mortgage you will be able to take.

If you have no savings, you may be thinking about taking out a loan to cover the cost of your deposit. This can be a great idea, providing you have the income to back it up. But even if you don’t, many first time buyers are finding that they can raise the necessary funds by asking relatives to take out secured homeowner loans. This type of loan often comes with a lower APR when compared with some other forms of credit, and can be a fast and easy way to raise a much needed deposit, for further details on homeowner loans click here.

Similarly, many first time buyers opt for a guarantor mortgage, which involves another person providing your lender with extra security by acting as a guarantor for your mortgage payments.

Finding a Mortgage


There are a small number of mortgages available which have been specifically designed to help first time buyers onto the property ladder, including low deposit mortgages and Save to Buy accounts from banks and building societies. In fact, over the past few months lending has increased for first time buyers, providing many with first time buyer mortgage options that wouldn’t have been viable – or available – even a year ago.

One of the most important parts of securing a mortgage for your first home is deciding on what kind of mortgage would be right for you. Options include:

  • Variable
  • Tracker
  • Fixed Rate

All of these options have their benefits and their drawbacks. For example, fixed rate mortgages are straightforward and will allow you the opportunity for better budgeting, because you know exactly what you’ll be paying for a certain period. However they can involve costly penalties in the event that you want to repay early. By contrast, variable and tracker mortgages are more risky because rates can go up and down, but come with more flexible repayment options.

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Today's Latest news, Know What's happening in India- with Timesnowindia.com: Home Financing for First Time Buyers (Solved)
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