|
|
|
|
|
First Time Buyers -
Applicants new to the property market are commonly known as First Time Buyers. There are many lenders willing to arrange mortgages for First Time Buyers but again not all.
Most lenders will have specific products and services for First Time Buyers as their circumstances are unique and products are designed to take this into account. This doesn’t mean that First Time Buyers can’t get the lenders main rates and it is worth checking if you like a rate whether they will accept First Time Buyers before you make your final choice.
Generally First Time Buyers rates will be higher than standard rates as they are considered to be a higher risk than other clients as they have no provable track record. However to attract this type of business, this is countered by lenders in different ways, some offer higher income multiples, some offer free products or services and some will lend you up to 100% of the purchase price.
Most lenders will lend a maximum of 95% loan to value with a few offering less.
As mentioned previously First Time Buyers have no track record and the lenders may therefore require extra information to support the application up front for example; bank statements
|
|
|
