First Time Buyers Home Loans
What Are First Time Buyer Mortgage Schemes
If you are a beginner to home buying and want to get a mortgage, then you may have heard of a government scheme that is suitable for first time buyers. What is this type of help and how can it benefit those who want to get on the property ladder?
If you are a first time buyer and are unsure what to do, you should find out what first time buyer mortgage schemes are and how they could work for you - because it's likely that they can make or break your home loan application.
Help for first time buyers
A first time buyer can apply for any kind of mortgage they want, but there is a reason to opt for help before making that all important decision.
The government has schemes that can help first time buyers, as well as anybody who is having trouble with getting a mortgage, to get approval for the right type of home loan. There may be a range to choose from – so getting in touch with, or visiting, your local government offices can help you to get to grips with what’s on offer.
Any help along the way can be great, because first time buyers often have trouble with getting approved for their desired mortgage. This is because they have never had a home loan before (or possibly any other type of long-term loan) and a lender won't be sure how trustworthy they are.
Getting the right mortgage
So, now you know that you may have access to something that can help you to get a mortgage. Great! But what kind of mortgage should you get? There are a lot of different options out there - and just a few of them include:
· repayment mortgages
· variable rate mortgages
· fixed rate mortgages
· interest only mortgages
· capped rate mortgages
Remember that these are not the only kinds of home loans available and that there are a whole host of options that you can find from different lenders. Not all lenders will offer every kind of mortgage, so you need to keep searching if you're hoping to find a certain kind.
If you don't know which loan you want to get, repayment mortgages are a safe bet and you can calculate how much you need to borrow and the term of the loan in advance. Why? Well, they're the basic kind of mortgage that you can generally find from every lender.
They are the most simple and basic of the home loan types and this makes them easy to understand; so if you are a beginner to the whole mortgage process, this may be the best option for you.