Specialised first time buyer mortgages are designed to help people get a foot on the property ladder by offering advantages that regular mortgage products lack. Some of the various schemes and products specifically created for first time buyers include:
- Shared ownership schemes
- Guarantor mortgages
- 100% (no-deposit) mortgages
- Key worker schemes
- Housing Associations
Precisely which first time buyer mortgage product is best suited to you will depend on the circumstances under which you are buying the property as well as your personal financial situation. The mortgage market is constantly evolving as lenders regularly assess the changing needs of first time buyers so they can bring new and innovative home loans to the market that can help them get a foot on the property ladder.
It is therefore advisable to contact an independent mortgage broker for the latest information on mortgages for first time buyers.
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