First Time Buyer Mortgage

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How to take your first steps on the housing ladder

A first time buyer mortgage is designed to make it as easy and as inexpensive as possible for you to take your first steps on the housing ladder, and most lenders offer such products. Look for cashback deals, 100% mortgages and other goodies but don't ignore the APR stated.

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For many lenders, a first time buyer mortgage is worth its weight in gold: if they can get first time buyers to become their customers, there's a good chance they'll keep those customers for a very long time. As a result it's very easy to get a first time buyer mortgage, and there are plenty of good deals to choose from.

When you're looking for a first time buyer mortgage you might find plenty of goodies on offer: some lenders offer cashback deals, which give you a few hundred quid to spend on home improvements; others offer 100% mortgages, which mean that you don't have to shell out the 5% or 10% deposit required for many normal mortgages. Such deals can be handy, but the most important part of your mortgage is the APR. It might be a better idea to ignore the goodies and get a mortgage with a lower interest rate, which will save you a lot of money in the longer term.

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