As a first time buyer, you could be eligible for many more offers and deals than those already on the property ladder, as mortgage lenders want to tempt new buyers to use their services. This is not just because it brings in a substantial term of business (most mortgages last around 25 years) but also because it will encourage first time buyers to come back and use the lender again should they have a pleasant experience.
For this reason, you should try to take advantage of as many of the discounts and deals available to you and do your research before you commit to a certain lender or bank. Make sure you know what kind of mortgage you are looking for by first using a free mortgage calculator on a comparison website to work out how much you are looking to borrow, and for how long. Using a mortgage calculator puts you in the position of power as you then have all the information you need without the lender telling you what you want. The best mortgage calculator will be one which offers plenty of options, such as an offset mortgage calculator as well as a standard one.
Once you know what you’re looking for you can research the types of deals you are looking for. Many lenders will offer cheaper rates for first time buyers and this will make your mortgage cheaper in the long run. Generally the rate will only be cheap for a certain amount of time, but you are always able to switch to a better deal when this ends.
You could also look at cashback deals which give you a lump cash sum upon completion of the mortgage. This means you will have money to hand exactly when you need it, for putting your new home together and paying moving fees etc.
Look at deals which offer you more flexibility as a safer bet for the future, as an allowance to overpay or underpay depending on your financial situation might just be the most helpful deal you can get. With more flexibility you get more control over your mortgage, meaning whatever your financial situation (and over 25 years it is bound to fluctuate at least a little!) you will always be safe to cover the appropriate amount on your mortgage repayments.
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