With the cost of houses and property continuing to rise, UK mortgages are also becoming more expensive. For first-time buyers, this is more of a problem than for those already on the property ladder. With the average cost of a new home now almost 200,000, its almost becoming an impossibility to get your first mortgage.
Thankfully, there are options available to you, as well as numerous companies who specialise in this particular market. From helping you find the best type of mortgage in the UK for first time buyers to explaining the different interest rates and charges, taking the first step onto the property ladder can be a little more realistic.
Where to Start
The first thing you need to do is decide how much you can afford, and then take it from there. One of the best features of UK mortgages compared to other countries is that there are a host of different ways specifically to help you buy your first home.
100% Mortgage
For example, you can take out whats known as 100% mortgage. This can make a huge difference in being able to afford your own home if youre a first time buyer. With a 5% deposit on a 200,000 home costing a minimum 10,000, it...
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