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First Time Buyer Mortgage

First time buyer mortgage is for those opting to buy a house or any other property for the first time through a mortgage deal. This mortgage is normally available for houses. There are various options available in the market and we bring to you the best options for you to choose from. There are companies which provide First Time Buyer Mortgage to those with bad credit history, CCjs too.

There are different types of mortgages namely fixed rate mortgage, capped rate mortgage, variable rate mortgage, discount variable type mortgage, tracker mortgage, self certification mortgage, graduate mortgage. All these First Time Buyer Mortgage types are readily available for first time buyers and they can choose the best that is suited for them.

Mortgage calculator is one way of calculating how much to repay for the amount borrowed. But one has to first decide on how much he can borrow.

Like any other Mortgage First Time Buyers should be aware of the essentials that a mortgage loan carries and the costs involved. These include mortgage fees, stamp duty, legal fees, land registry, mortgage indemnity guarantee, Lender’s valuation, survey fees, removal firm, buildings insurance etc.

The next and most important thing to remember in a Mortgage is the interest rate. Like in fixed interest rate the amount repayable remain constant whereas in tracker mortgage there will be variation in interest based on the Bank of England interest rates. The last but not least is the payment protection required for mortgage. Most first time buyers are not aware of these options but mortgage lenders often insist that they have certain types of insurance like home insurance, life insurance, mortgage payment protection insurance which will help in times when the borrower is not able to repay the mortgage.

You can get valuable information about First Time Buyer Mortgage on Financemate which will be of use to you.