Artful Lodger
0114 279 2868
0114 279 2868
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Artful Lodger
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Sheffield Property Rent Home > Useful Resources > Legal & Financial services > Sheffield Independent Financial Advisors (IFA) - Mortgage Advisors & Personal Loans > Sheffield Mortgage Advisors > First time buyer advice courtesy of Simplicity Financial
First time buyer advice courtesy of Simplicity FinancialMuch is made of the ‘first time buyer’ specials available by the different banks and building societies. In essence this is misleading and the mortgages available to first time buyers are no better than those available to people moving home. The biggest advantage a first time buyer has is that they are not dependent on the sale of a property and therefore the all important ‘chain’ starts with them. The biggest problems faced by first time buyers is that following 3 years of rapid property price growth they are have not got the equity in an existing property that existing owners have. This means that they often need to get a mortgage for over 90% of the value of the property and sometimes over 100%. When getting a mortgage with a high loan compared to the value of the property it is important to be aware of charges such as the ‘higher lending charge’ that is often very expensive but by choosing the correct lender can be avoided altogether. Without a large deposit there are options available to you such as: 100% - 125% mortgage, be careful you have to make the monthly payments! Buy with a friend – share the costs and deposit. Borrow money from parents – they can’t take it with them and let’s face it you need the money now not when you’re 50! Get parents to ‘guarantee’ your mortgage. Buy abroad – complex but is an option in some circumstances Wait for rain on a sunny day, when rainbow appears follow it and quickly take pot of gold before other first time buyers beat you to it! Simplicity Financial provide a useful guide to buying a property that could be invaluable to people entering the property market for the first time. First time buyers, like everyone else, have a choice of lot’s of different mortgages from short term discounts to long term fixed rates. Some lenders seem to delight in the fact that the customer is undertaking this process for the first time and often design products that seem to be mainly to their advantage but packaged as a first time buyer special! Artful Lodger is dedicated to helping you and with Simplicity Financial aims to ensure that you receive top quality service in a fun and informative way. It’s your first step on the housing ladder and it is important that you fully understand your mortgage options and exactly what type of deal is best for you.
T: 01142 276 0200 E: admin@simplicityfinancial.com W: www.simplicityfinancial.com
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