A first-time-buyer mortgage is a type of mortgage loan that is specifically designed for individuals who are buying their first home. These mortgages are aimed at helping first-time buyers get onto the property ladder, and often come with certain incentives, such as lower interest rates, reduced fees, and more flexible lending criteria. First-time-buyer mortgages typically require a lower deposit than other types of mortgages, making it easier for individuals to save up for a down payment. Additionally, some first-time-buyer mortgages may allow parents or other family members to act as guarantors, providing additional security for the lender. It is important to note that eligibility requirements for first-time-buyer mortgages can vary depending on the lender and the country in which the property is located. In some cases, first-time-buyer mortgages may be restricted to certain types of properties, such as newly built homes. As such, it is important for first-time buyers to carefully research their options and consult with a mortgage advisor before making any decisions. Moneybrain Advice Ltd is Authorised and Regulated by the Financial Conduct Authority in respect of mortgage and insurance advice (FRN 940441).
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