1st time buyer question

t-rexcellent

Hi,

I am looking to buy a property with my partner and we are first time buyers. We are fortunate enough to have a decent deposit (around 40%) and want the best mortgage deal.

Are we limited to just first time buyer mortgage deals or can we take any deal on the market, including those aimed at remortgages? These rates and fees are lower but does it mean that you have to have an existing mortgage for it to be applicable?

Thanks!

GMS

t-rexcellent wrote: »

Hi,

I am looking to buy a property with my partner and we are first time buyers. We are fortunate enough to have a decent deposit (around 40%) and want the best mortgage deal.

Are we limited to just first time buyer mortgage deals or can we take any deal on the market, including those aimed at remortgages? These rates and fees are lower but does it mean that you have to have an existing mortgage for it to be applicable?

Thanks!

If there is a product specifically for a remortgage then you cannot apply for it. Often the lenders will have an eqivalent for a purchase only which may have incentives such as free valuation and legals.

If you are unsure about productss and deals you should speak to a 'Whole of Market' broker. They will be able to guide you through the best deals available, and explain anything you are unsure of.

You have a good deposit so assuming you meet all criteria you should be in a position to get a decent rate.

Good luck