First Time Home Buyer Mortgages in the UK
First Time Buyer Mortgages- Govt Options
One of the best mortgages that individuals can get is a first time buyer mortgage. The UK like the US likes to encourage people to
buy homes and take advantage of home buying schemes. First time home buyers are the special target of some of these programmes.
There are several different government programmes or schemes available that encourage individuals to buy homes. One of these is a loan equity scheme. Help to buy equity programs are available to buyers. Buyers need to contribute 5 percent of the property price and the government will finance up to 20 percent of the purchase price. Individuals will also not be charged loan fees for the first 5 years of owning the home.
An additional Gov.uk programme is a shared ownership progamme. This is the sort of scheme that allows individuals to buy a home with buy 25 to 75 percent of the government purchase price and pay rent on the rest. Another program is a new buy program where you pay just 5 percent of the mortgage. This is a solution for home buyers that may be struggling to come up with the purchase price of a home.
Great rates are some of the things you can use when getting First Time Buyer Mortgages. Some of the rates that we available with first time mortgages are low and buyers can can get the options they need. Various lenders offer different schemes for buyers. Individuals can save 500 pounds on selected mortgage. You do need to pay a 99 pound booking fee however. They may also take advantage of a 5 percent discount on mortgages. These are the sort of things you can use when buying a home for the first time.
It is one of the things that first time buyers can use in order to get some great rates on mortgages, special programmes either by private lenders or the government are available with – First Time Buyer Mortgages. These are the things will make first time home buying accessible for borrowers.
The UK government wants to encourage people to buy homes and take advantage of the options for first time home buyers. Calculators are available online that help individuals who are buying their first home understand all of the options that may be available to them. When you use online calculators you can also discover how much of a mortgage you may qualify for and find out what the down payment will be. These are some of the things you need and can take advantage of and options to use when getting a first time mortgage.
Nationwide offers special options but many of the other mortgage lenders offer programs for first time borrowers. Each lender has a slightly different program and gives individuals a slightly different lender package. There are also special programmes available that allow first time mortgage buyers to borrow up to 95 percent on the purchase price of their home. This is a great benefit to those who wish to buy homes for the first time.