Do I Need a Down Payment As First Time Home Buyer?

If you are a first time buyer there are a number of government schemes available to help you on to the property ladder which may allow you to buy a property without any deposit or down payment.

Help To Buy / Shared Ownership Costs

With the help to buy scheme the government offer an interest only mortgage to help with the purchase of any new build property, this interest only mortgage can be used instead of a deposit, allowing you to borrow 100% of the mortgage amount.

Shared ownership allows you to buy part of the property and rent the rest of the property, again this helps reduce the amount of deposit you may need to buy a property.

First Choice Finance have a number of mortgage lenders to choose from offering first time home buyer mortgages as well as shared ownership mortgages and help to buy mortgages, simply complete our simple online enquiry form and receive a no obligation free quote and qualified mortgage advice and help to make that first step on to the property ladder. The ratio between wages and cost of a new home varies with time. No one really likes to rent, especially when you`re in your 20`s. It will always be a challenge to buy your first home, but we want to help you meet that challenge. Lenders are coming up with more products, a capacity and desire to lend does exist. Government is also coming up with new initiatives to help First Time Buyers. These often need a little explanation, so please give us a call.

Tips for First Time Buyers

Pay off your outstanding debts. It`s best to go into a new mortgage with as few outstanding debts as possible. Pay them off before starting to look for a first time buyer mortgage. Talk to First Choice Finance early in the process. You need to know what you can realistically borrow, and more importantly what you can afford.

Mortgages & Remortgages 8.4% APRC. Representative Example: Borrow £120,000 over 25 years at 5.99%, £778.86 pcm fixed for 3 years at 60% LTV. Then at 8.75%, £974.86 pcm, variable for 22 years. Total payable £286,416. Total cost of credit £166,416 (including: £985 broker fee, £999 lender fee & £164,432 interest)

Late repayment can cause you serious money problems. For help, go to moneyhelper.org.uk

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