First Time Buyers
Everyday Mortgages covers the whole of the UK but some of the cities recently covered are; Birmingham, Bristol, Cardiff, Edinburgh, Glasgow, Leeds, Liverpool, London, Manchester, Newcastle & Nottingham.
Helping You Get Onto The Property Ladder
First time buyers struggling to find a good mortgage deal on the high street might find a better deal with a mortgage broker. Big banks are restricting their mortgage products to an increasingly small selection of home buyers with high deposits, first time buyers struggling to find a mortgage suitable for them may be better off going to a mortgage broker.
If you are a first time buyer do your research on deals available in your local area, talk to your family and friends about what type of mortgages they have and consult a mortgage broker for professional advice on first time buyer mortgages.
Using a mortgage broker could help you get your mortgage application accepted.
High street banks are using a computer system to make a decision whether to accept or reject your mortgage application. A mortgage broker looks at lenders criteria and means you might get a better chance of having your mortgage application accepted. First time buyers should also use the internet to research mortgage deals for first time buyers and then consult a local mortgage broker for a professional advice on which mortgage deal would be most suitable for their individual needs.
Using a local mortgage broker may be the easiest way to get a good view of the local property market.
Ways To Buy Your First Home
As a first time buyer, you might even consider getting help from your parents or potentially buy with a friend. To get a better understanding of “first time buyer” and “guarantor” mortgages please contact Everyday Mortgages Ltd today.
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Mortgage Product Types
A fixed rate is when the rate of interest your mortgage borrowing is calculated on will not move for a period of time. Usually 2-5 years. Longer terms may be available. A fixed rate provides security knowing your mortgage payments will not increase for a specified period of time.
However, the potential downside to a fixed rate is that if the base rate reduces during the fixed rate period you will not be able to benefit from reduced payments.
A tracker rate is when the rate of interest your mortgage borrowing is calculated on increases or decreases in line with a linked base rate. This will mean your payments could increase or decrease. Tracker rates provide more flexibility than fixed rates although borrowers must ensure they can afford their mortgages if the rate increases.
A capped rate is very similar to a tracker rate as the rate increases or decreases in line with the Bank of England Base Rate but will never exceed a specified top level – ‘the cap.’
The product is a niche product and is not always available.
A SVR mortgage is a loan at the lender’s normal mortgage rate – ie without any discounts or deals. It moves up and down at the lender’s discretion. This means your payments could increase or decrease.
A discount mortgage gives you a lower rate for an agreed period usually 1-5 years after which the rate will increase. A discount mortgage normally gives you a discount from the lenders Standard Variable Rate. This will mean your payments could increase or decrease. Borrowers must ensure they can afford their mortgage if the lender increases their Standard Variable Rate.
An offset mortgage allows your savings to work harder for you. It is a way to reduce the amount of interest calculated on your mortgage. For example if you have a mortgage of £100,000 and savings of £20,000, if you offset the savings you would only be charged mortgage interest on £80,000. This would either reduce your term or monthly payments. The £20,000 savings would generally still be accessible. The product to run alongside this type of mortgage would usually be a tracker rate although fixed rates are also available.
Why Use Everday Mortgages Ltd?
UK Wide Online Mortgage Broker
- Fully CeMAP qualified adviser who provides full advice and recommendation
- Work on your behalf and not on behalf of the lenders
- Deal with all the administration and paperwork on your behalf
- Offer advice on Life Cover, Critical Illness Cover, Income Protection and Buildings/Contents Cover
- No obligation service