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Be a proud homeowner with a first time buyer mortgage

You have been living in a house as a tenant for so long. Have you ever thought of the drawbacks of staying as a tenant? Besides losing your liberty to the wishes of the landlord, the money you are paying as rent is going down the drains. Ever thought how much have you paid as rent in total? May be, with that amount, you could have easily afforded a house on a mortgage. A FIRST TIME BUYER MORTGAGE can be a perfect solution for purchasing your first home. It is specially built for the first time buyers. The first time buyers are generally tenants who don’t have a lump sum amount to help them pay for their home.

First time buyer mortgage as the name signifies are meant for people who are purchasing their house for the first time. Buyers are required to pay a part of the cost as down payment mostly in the range of 15 to 20 per cent and the rest is financed by the lender. The house bought, acts as collateral. In a mortgage rate of interest is less than that of unsecured loans because of the collateral provided. The longer repayment period brings the installment amount to a lower side making the repayment easier and convenient for the borrower.

Buying a home through mortgage is not easy as it involves a long financial commitment and many formalities to be completed. Deciding on a right mortgage plan sometimes puts the buyers in a dilemma. A slight reduction in interest rate can help you save thousands of pounds. Therefore first time buyers are advised to do a lot of researching and information seeking to avail a good mortgage deal.

Internet is a great tool for information gathering as you get access to more information in a less time. One can easily log on to the websites of mortgage lenders and gather required information. You can also apply online so that your loan application gets processed quickly.

As going for a home mortgage loan needs a lot of thought and commitment for a longer period, people are advised to do their homework properly. They need to judge their financial capability wisely and go for a loan amount which is convenient and affordable for them.