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House purchase & homemover mortgages

Most residential mortgage products are priced in two or three categories, new purchase, remortgage and first time buyer.

New purchase mortgages are typically intended for those borrowers who have had a mortgage before and are moving home.

Although some new purchase mortgages will allow first time buyers it is typical for lenders to price mortgages differently for these two groups.

which means it's important to check with the lender how they differentiate between first time and next time buyers if you have been renting between house moves.

Many will say that if there is any mortgage history on your credit file you will be considered next time buyer.

Some will only assess you as a next time buyer if you have had a mortgage in the last year.

House purchase mortgage products will be priced in brackets depending on the size of the deposit. As a rule of thumb the bigger the deposit the lower the interest rates available.

Most house purchase mortgage products will not have free legal work, although many will have a free standard valuation for mortgage purposes

However you may wish to pay the additional fee to have this basic valuation upgraded to a homebuyer's report which gives you some limited indemnity as to the soundness of the construction or even a full structural survey.

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