Mortgage News
"First time buyers urged to be aware of the mortgage market"
July 2006 - Friday 7th July
An expert in the mortgage market has urged first-time buyers to get in touch with mortgage lenders and refuse outdated or overly expensive loan choices. Despite the need for first-time buyers to choose an offer, confidence and the ability to refuse loans should be a foremost concern to receive the best deal possible.
First-time buyers who leap on the first loan they are offered could face extra expenditure in terms of unnecessary fees, not to mention over-paying every single month. First-time buyers should, apparently, make it clear exactly what they do and do not want from their loan and if their first-choice lender cannot provide this then they should seek a rival.
There are several key things to avoid when taking the first step onto the property ladder. These include the HLC (Higher Lending Charges) that can be levied when you need to borrow 90 per cent of property price or over. Many lenders have axed them, but they do still exist. High application fees (think £700 and over) are also becoming more common. Tie-ins such as early repayment fees or blocks (redemption penalties) can also ensnare first-time buyers.
First-time buyers should shop around and look for a bargain loan before settling.
Why not get in contact with us to see how we can help you if you are a first time buyer.
Source: Mortgages.co.uk
Research shows that more and more first time buyers dive into the mortgage market without being made aware of certain factors.
© 2007 Michael J Alexander
Your home may be repossessed if you do not keep up repayments on your mortgage. Written quotations compliant with the Mortgage Conduct of Business (MCOB).
First time buyers urged to be aware of the mortgage market
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