Best First Time Buyers' Mortgage

publication date: Feb 15, 2011
 | 
author/source: Kate Faulkner, Property Expert and Author of Which? Property Books
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Best First Time Buyers' Mortgage


One of the questions first time buyers ask us is ‘which is the best mortgage for me?’ Unfortunately the best first time buyers' mortgage for you will depend purely on your own financial circumstances, how long you will own the property for and whether you are buying alone or buying with other people.

One important thing to remember when researching the best first time buyers' mortgage for yourself is that the only people that can legally advise you on this is someone that is a fully qualified mortgage broker or independent financial advisor.

Many first time buyers turn to the internet to search and find a first time buyer mortgage. This is worth doing from a research perspective, but isn’t the way you should choose your mortgage, you have to talk to someone that is going to advise you on the best first time buyers' mortgage for you. 

If you try to find a first time mortgage by the internet, what you will miss out on is advice that can affect all of your finances. What might seem a ‘good first time buyers' mortgage’ on the surface, for example a low mortgage rate and only having to put down a 10% deposit. However this mortgage might not be the right one for you in the long term and it might actually have gone by the time you make an offer on a property, which means you make an offer based on this mortgage, then have to withdraw from the purchase as other mortgages on offer are more expensive.

Other things you might not realise if you are finding a mortgage for the first time, is that when you get an offer for the mortgage, the lender will probably send you an offer for buildings and contents insurance. You shouldn’t automatically take this offer though, as you will often find it is cheaper to buy your buildings and contents insurance from an insurance only provider.

So if you want to find the best first time buyers' mortgage for you, research the internet, but then talk to and check out what a mortgage broker, your own or local bank/building society and an independent financial advisor can do for you.

Also take a look at our article - Understanding the Different Types of Mortgage

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