Mortgage Lenders For First Time Buyers
Thinking about getting onto the housing ladder.
Mortgage lenders for first time buyers. Available to first time buyers and existing homeowners who want to buy a new build house. The purchase price must be no more than 600 000. Under this scheme you can borrow 20 of the purchase price interest free for the first five years as long as you have at least a 5 deposit. Find out more about our rates deals and offers here.
First time buyers mortgage guide 2020 download here coronavirus and first time buyers update 14 july 2020. Here s a look at some of the best mortgage lenders for first time home buyers. If you are coming to the end of your mortgage credit card or loan payment holiday we will contact you before it ends there is no need to call us. That s because the more money you can put in the less risky it is for the lender so they ll offer you their best mortgage deals for first time buyers.
The average monthly mortgage payment amount for first time buyers is 760 54 according to moneysupermarket data from january 2016 july 2018. Many first time buyers consider a longer term mortgage because it lowers the amount you pay back each month spreading the cost over a longer period of time. We ve assembled lenders that cater to first time home buyers with low down payments grant programs and. Our free 55 page first time buyers guide talks you through everything you need to know from deposits to different types of mortgages and ways to boost your chances of mortgage acceptance.
The size of deposit you have saved up will have a big influence on the first time buyer mortgage you re offered. While the standard length or term of a mortgage is 25 years an increasing number of mortgage lenders are offering longer term mortgages some up to 35 years in length. The bigger your first time buyer mortgage deposit the better the deal you ll get. First time buyer mortgages from halifax can help.
Homebuyers in england and northern ireland won t pay stamp duty on the first 500 000 of a property s purchase price in a temporary measure announced by the chancellor. If applying jointly all applicants need to be first time buyers we see first time buyers as customers who have not had a mortgage in the last 3 years. Compare mortgages for first time buyers using a mortgage comparison tool can help you get a better idea of what kind of mortgage deals are out there for first time buyers and which ones you might be able to get based on your loan to value.