Mortgages for First Time Buyers

First Time Buyer Mortgages

If you’re a first-time buyer who is currently finding the mortgage market somewhat challenging to navigate, then you are certainly not alone. With numerous first time buyer mortgages to choose from, selecting the most suitable deal is not always simple.

This is where we come in. The Mortgage Hut can provide you with all the help, advice and support you need to make your first step on to the property ladder as smooth as possible and successfully secure your ideal first home.

Mortgages come in many forms so let’s start by running through some of the most popular options that you might have seen and want to consider.

Fixed Mortgages

With this type of mortgage, you will pay a set rate of interest for a predetermined period of time. As your monthly repayments will stay the same, managing your budget should be a fairly straightforward process, provided that you can comfortably afford the agreed monthly repayments. If you’re not sure how much you could borrow and would like to get an idea as to what your monthly mortgage repayments might look like, entering a few details into our mortgage calculator will give you an indication of the size of mortgage you could realistically afford.

Tracker Mortgages

Tracker mortgages are typically aligned with the Bank of England Base rate for a set period of time, often between two and five years. It also possible to secure a Lifetime tracker mortgage, but these can come with higher interest rates than those with shorter terms. If the Bank of England base rate were to increase, the interest rate on your mortgage would also increase and your monthly payments would rise. Conversely, if the base rate were to decrease, you would see the benefit as your monthly repayments would be reduced.