Are You A First Time Buyer?

• What is a mortgage? 

A mortgage is a loan from a Bank or Building Society in the UK. This loan will be for the purpose of buying a property. The house will then have a Lien against it for the amount of money you borrow. A Lien, is an official record of who owns the house, as the Bank provided the majority of the money they do. But because you borrowed the money and have the Deeds in your name you still have the responsibility, and the right to live in and or sell that house in order to payback the   mortgage.

A Mortgage will have interest charged on it. This is the profit margin for the bank or building society. This is agreed with you in the beginning of the process and you are told how much the mortgage will cost per month and how much in total you have to payback to the bank, and when.

• How much do you need to get onto the housing ladder?

The amount of deposit you need will vary depending on the type of mortgage you want. In general you will need a minimum of a 5% deposit for a family home and a 25% deposit for a property that you want to let out.

0% deposit mortgages may be available, depending on your circumstances.

• What will it cost

That will depend on several factors.

• The amount of deposit you put down on the house
• The amount that you need to borrow
• The length of time you want to borrow for
• The interest rate that you have to pay each month
• The type of mortgage product you have.

These are all very relevant questions and they vary person to person. 

Zoom Mortgage Specialises in helping First-Time buyers get onto the property ladder. 

We have several types of mortgages designed especially for you as a First-Time Buyer. We can assist with these and guide you along the way.

You can also use a close family member to help you with your mortgage. They can provide deposit, income, or equity to help you.

To understand better what your options are call 07964332223