Andrew Vaughey, First Time Buyer Mortgage –Key to your First Home

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Andrew Vaughey, First Time Buyer Mortgage –Key to your First Home




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.

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.

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.

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.

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.

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.

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.

'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.

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.

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.

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.

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.

Aditya has completed his masters in mass communications from Jamia
University. If you need UK Personal Loans, secured Loans, unsecured loans
<http://www.ukfinanceworld.co.uk/>

visit
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