First time buyer mortgages
A mortgage is the term used for a loan secured against an asset by a legally binding deed. In most cases on a property mortgage this will also mean taking possession of the title deeds for the property until the loan is redeemed.
To arrange a mortgage you will normally require a minimum deposit of 5% at the time of writing and will need to be able to prove an income sufficient to repay the mortgage.
In some cases you may be able to use a guarantor to support your income or apply for a shared ownership or shared equity mortgage to reduce your initial costs.
First time buyer mortgages are usually only for those people who have never been listed as an owner of a property on the land registry before or in some cases for those people who have owned a property or been on a mortgage previously some time ago.
This will largely depend on the lender so if you have ever been on a mortgage or listed on the land registry request advice about which type of mortgage will be right for you.
First time buyer mortgages may come with other incentives that normal house purchase mortgage products do not such as lower initial fee's or a reduced interest rate in the first years.
For further information on interest rates, mortgage terminology and buying your first home see the various guides listed below.