First Time Buyer Mortgages
First time buyer products have become widely available from lenders in recent years and they can come with lower fees as well as being more flexible in their underwriting. First time buyers need extra help and advice on the costs and timescale involved in a first move as well as appropriate products available. Offering whole of market mortgage advice is very important to ensure the right combination of mortgage and protection products is offered to you. Having the right mortgage to start with means future moves and changes in circumstances can be easier to deal with.
Guarantor Mortgages are well known to most people, they allow a close relative to be on the mortgage application for first time buyers. The extra income allows more money to be borrowed. Some lenders require the guarantor to be able to afford the whole mortgage in addition to their own current financial commitments. Other lenders will just treat the guarantor as an additional applicant. A Guarantor Mortgage can be very helpful for first time buyers however most lenders only see it as a temporary solution to be reviewed at a later date.
If you’re interested in a First Time Buyer Mortgage, you can call Shore Mortgage and Insurance Services now on 01752 658906 or 07773 422220 for advice and assistance.