Are you fed up of paying rents every month? Do you feel insecure because of not owning a house of your own?
It is quite difficult for a first-time buyer to get loan on favourable terms and conditions. This is because such a buyer does not have a home to pledge. First time buyer is a person who is buying a home for the first time. First-time buyer mortgage will enable the first-time buyer fulfil his/her dream of owning a house with terms and conditions suiting specific requirements.

As a first-time buyer has no prior experience of purchasing a house, he/she should be very alert and careful while choosing a mortgage deal. Selecting the right mortgage deal is very crucial for a
first-time buyer. You should do a thorough research on the Internet and get updated about the latest mortgage rates offered by the various lenders. Only then, you will be able to choose a deal that best suits your requirements. You should select a mortgage deal in such a way that does not turn out to be too expensive in the long run.

A first-time buyer needs to make a small down payment at the beginning of the purchase, which is generally about 5-10% of the purchase price. Rest of the cost of the home is financed by the lender in the form of first-time buyer mortgage.

Before you apply for a first-time buyer mortgage, you should plan your budget accurately, depending upon your income. Then, evaluate the amount you need to deposit as the initial down payment. Based on this, assess the various available mortgage deals and select the one that suits your requirements most closely. Try to get advice on how to choose a mortgage deal from a panel of experts.

The advantages that a first-time buyer get by applying for a first-time buyer mortgage are:

• Small monthly instalments


• Long repayment period


• Flexible terms and conditions

All the above help you to repay the instalments conveniently.

The only drawback is that there is a probability of losing your home if you fail to repay the loan amount on time.