The UK mortgage market is particularly difficult for first time buyers which is why it is vital for first time buyers to be well informed and empowered. Gaining knowledge and information before the process begins will help borrowers to make the right decisions through understanding.
With first time buyer mortgages it is vital that all of the associated costs of the purchase are taken into account when comparing mortgage products. It is very easy to focus solely on the headline rate, or initial rate of interest and not the overall cost of a mortgage over the life time that you intend to keep it. Price comparison websites are particularly poor at taking into account all of the costs and charges when comparing products.
When considering a first time buyer mortgage it is important to decide what your goals are, and to asses all of the costs associated with a property purchase and mortgage.
Costs to consider may include:
- Stamp duty (First time buyers now exempt upto £250,000 purchase price)
- Survey fees
- Solicitors costs
- Mortgage fees
- Removals
- Insurance
To accurately source, compare, and asses a mortgage or remortgage Obligo provide many useful free mortgage tools.
You may want to consider mortgage calculators to check the costs and affordability of different mortgage and remortgage types.
Once you have made your own basic assessment you can explore, compare and asses real mortgage products using Obligo MortgageExpert. You can even discuss the best option for you with a mortgage expert.
If you chose to arrange your remortgage or mortgage with Obligo, you will have you own MortgageExpert to guide you through the mortgage maze with expert mortgage advice gained from years of hands on mortgage experience.
You will also have your very own personal MyObligo dashboard. Here you can track the progress of the key stages of your mortgage application, download documents and see any tasks you may have.
After your mortgage has completed out service does not stop there. MyObligo will track the value of your property and the performance of your mortgage. And when the time is ready MyObligo will let you know that your mortgage is due for a makeover. It’s simple and effective and will save you money.
For a full glossary of property and mortgage jargon use the obligo glossary
Clcik for an informative and useful guide for First Time Buyers
