Mortgages are special loans that are issued by a bank or other financial institutions in order to finance the purchase of a property. The lender takes the title of the debtor’s property and this title is transferred back to the borrower once the debt is paid back in full. This is not a loan that people often taken. It is usually a lifetime decision for most people. It is therefore important for people who are buying a property for the first time to look for the best mortgage deals.
It is often difficult for a first time buyer to get a good mortgage deal
because they have a limited credit history. Here, we aim to look into the top mortgage deals that are out there in the country especially for first time buyers. We aim to present some important elements of the mortgages to help people decide a winner.
New Castle BS
The New Castle BS is a two year fixed mortgage deal that is excellent for first time buyers. It is especially suited for people who have a good amount of saving, but are just short of some money. It suits people with good income who want to quickly pay off their debts. It has an interest rate of 3.59% and requires a processing fee of £199.
Saffron BS has an excellent mortgage deal for first time buyers. It provides a 3-year mortgage that’s suited for self employed people. It has a current interest rate of 3.97% and asks for no processing fee. It has many other deals available on its building society
website. It has excellent property advisors and it also offers customised deals to people who approach it for mortgage needs.
Tesco Bank offers both fixed and tracker mortgage loans. It is a retail service bank with a focus entirely on producing retail products, such as mortgage loans. It has an excellent five-year deal for first time buyers. This mortgage is available with an interest rate of around 4.49%. The bank also charges a small fee of £195 for the initial processing of the loan.
TSB offers an excellent mortgage deal of 10 years to first time home buyers. It offers an interest rate of 5.34% and charges a processing fee of £265. It usually works on a 25% initial deposit and has fixed monthly instalments. TSB also allows mortgage switching as well where you can switch from one lender to TSB for its specific services.
Help to Buy Scheme
Help to Buy
is a government initiative in the UK to help people buy their home with as little as only 5% deposit at the start of mortgage. It is a wonderful scheme and offers a mortgage loan as well as equity funding. Government can fund the money of the deposit in these schemes and they are available in England, Scotland, and Wales.
You need to look carefully into these mortgage deals if you are a first time buyer because they are excellently designed for you. You can select one of them for your mortgage needs.…