First time buyers
Getting a mortgage has become more difficult
for first time buyers in recent years, thanks to rising house prices.
Even now, with residential property values set to stabilise or even fall in some areas,
first time buyers are instead faced with more difficulties when trying to secure
a mortgage.
You will find in current market conditions lenders will require a deposit the amount
could vary from one lender to another. Typically most lenders require 5%.
If you have not managed to save a deposit yet or are worried that you cannot afford a mortgage on your income alone there are options available to you these could be, those that allow you to buy with friends, guarantor mortgages, and even government schemes for key workers or affordable housing.
The higher lending charge, formerly known as a mortgage indemnity guarantee (MIG),
is a fee charged by a mortgage lender where the amount borrowed exceeds
a given percentage of the value of the property. This fee may be used by the lender
to purchase an insurance policy designed to protect it (the mortgagee) against
loss in the event of you defaulting and ceasing to repay your mortgage.
The lender at the start of the loan may insist the fee is payable.
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