Andrew Vaughey, First Time Buyer Mortgage –Key to your First Home<br><br><br><br><br><p>Living in a rented apartment since long. Ever thought of the
disadvantages of staying as a tenant. Besides losing your freedom to
the whims and fancy of the landlord, your hard earned money is going
down the drains. Of course, to nourish the landlord's finances; such
that he is planning to buy a new home.</p><p>Ever thought how much have
you paid in total. If accumulated, the rent would have been enough to
buy you a house. If the idea dawns upon you, then continue reading for
more information on the first time home buyers mortgage which can be a
key to your first home.</p><p>A first time buyer mortgage can be a
perfect option for financing your first home. It is specially built for
the first timers. The first time buyers are generally new to their
careers. They did not have time to build up savings to help them pay
for their home.</p><p>However, some amount of deposit will be required
for getting the mortgage. Some lenders are ready to finance the whole
of the house by paying 100% on the mortgage, if the first time buyer is
not able to pay the deposit. Nevertheless, they will charge more for
their services.</p><p>First time buyers are a hot favourite with the
mortgage providers. This is because they know that this is their first
deal and if treated well the customer would come again and many more
times after that.</p><p>First time buyers do not require any special
treatment. They require a mortgage which allows them to purchase their
first house without much of difficulties- both immediate and future.
But they seldom get the treatment they desire.</p><p>The first problem
they face is the lack of knowledge about the rules and regulations
related to buying of house. Very few people do actually peek into the
legal documents till it is their own home, or if they deal in these. So
it is inconsequential to think that they must have known the
formalities.</p><p>'Whom to ask' is the second problem which first time
buyers face. Does a particular person have the necessary knowledge to
inform them about the legal formalities? If yes, can you believe the
person to be tendering unbiased information? He/ she might be an agent
of the lender, just aiding the lender to make his lead.</p><p>But
knowledge about the legal formalities is a must. One can be trapped
into a bad deal in the absence of information. Close friends and
relatives might be a source of information. So can bankers and mortgage
providers. The key to relevant information is getting information from
a number of sources. While you get to know a whole lot of things, you
can very easily eliminate superfluous information.</p><p>The normal
amount of money advanced in this type of mortgage is 3.25 times the
salary of a single working member; and 2.25 times the combined salary
where both couple is working. Some lenders are ready to offer as much
as 5 times the salary. However, it will be advisable to ignore the
bait. It could lead you to pay much more than you could have afforded.
Besides, there are many more expenses to pay for. There are a whole lot
of fees and stamp duty to be paid for, which could cost a fortune.</p><p>While
there is the temptation to adorn ones home with the best of designs and
interiors, all at one go, it would be appropriate to be easy in plans.
The limited resources which a common person has, does not warrant a
huge expenditure on the house. Even the first time buyer mortgage will
have to be paid someday.</p><p>Therefore, it is crucial to decide the
amount of first time buyer mortgage beforehand. Used aptly, the
mortgage can be the key to your first home, and the key to all the
enjoyment ensuing out of marriages, births and many more events, which
this home will witness.</p><p>Aditya has completed his masters in mass communications from Jamia University. If you need <a target="_new" href="http://www.ukfinanceworld.co.uk/">UK Personal Loans, secured Loans, unsecured loans
</a></p><p>visit </p><p>
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