What decisions do I need to make?

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What decisions do I need to make?

When choosing a mortgage for the first time , you need to consider the following points before making a choice of mortgage. These include the amount you wish to borrow , you may be tempted to go for a high multiple mortgage eg 100%, but before making this choice you must consider how much deposit you can afford , and by going for a lower multiple mortgage will you not be subject to penalties, also will you be paying lower fees.The term of the mortgage ranges from 15 to 50 years , however the usual term is 25 years. If you are taking out an interest only mortgage then this will not be too inportant , however on a repayment mortgage it will be a factor which determines your monthly payment.The type of mortgage is one of the most important factors whether you go for an interest only mortgage or a repayment mortgage . The interest only mortgage are not the first choice as you are not paying back any of the capital. You must have a policy or scheme in place to ensure that when the capital is due you have the finances in place.The type of products range from fixed rate, cash back, variable rates, trackers. It seems every few months a new type of product is developed. The customers risk profile will be assessed to fully understand the type odf product that suits them. Penalties and redemption fees are another factor which should be considered , you should try and plan out your intentions for the forseeable future , ie will you want to move in the next few yeaars etc, if so a long fixed term will not be a prefered product

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First Time Buyer Mortgages Frequently Asked Questions

What is the first time buyers initiative?	Am I ready to buy my first house?
What help is there for first time buyers?	Should I go for a 100% mortgage?
Should I borrow a high income multiple?	What decisions do I need to make?
What are the costs of buying a property?	What are the first time buyers risks?
How do I get a deposit for my new house?	What's involved in buying your first home?

Mortgage Help Desk UK Mortgage Products

"Think carefully before securing other debts against your home. Your home may be repossessed if you do not keep up repayments on your mortgage "

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