Understanding First Time Buyer Mortgages [mortgageloan-processor.blogspot.com]
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A lot has been written recently about how the current property market is making it difficult for first time buyers to get on the property ladder. Although this is true, there is no shortage of people looking to take their first step into home ownership. If you fall into this category, there is a lot of consider. So much in fact, it pays to invest in first time buyer mortgage advice.
Depending on what mortgage you get, first time buyer mortgage rates can vary and will be based on many different factors. A qualified mortgage adviser who specialises in first time buyer mortgage advice will show you a range of products which suit your situation perfectly.
There are a range of first time buyer mortgages which include:
Graduate and first time buyer mortgage: If you have a degree or a professional career, you could be offered a higher lending amount through a graduate mortgage deal.
Graduate first time buyer mortgages can vary so make sure you seek advice before deciding on this option.Rent to Buy first time buyer mortgage: These mortgages look at the amount you've been paying for rent and use this as a yardstick for how much you could afford to pay back with a mortgage. This is particularly appealing to those who have been renting for a long time and wish to make the step into home ownership.
Joint first time buyer mortgage: It is not uncommon for people to buy a home with a friend or family member. If you want to share the cost of a mortgage you can with joint first time buyer mortgages.
Whatever your specific situation, make sure you get the best first time buyer mortgage rates by taking advice from a qualified mortgage broker.
They will be able to assess your situation and offer first time buyer mortgage advice on all of the specialist mortgages on the market.Make sure they are a whole of market independent mortgage adviser so that they source deals from the whole market â€" improving your chances of finding a mortgage which is a perfect fit.
Your home may be repossessed if you do not keep up repayments on a mortgage or any debt secured on it.
Bower Mortgage Company: FSA regulated UK-wide mortgage advice from friendly, qualified, experienced mortgage planning specialists.Â
Find More Understanding First Time Buyer Mortgages TopicsQuestion by Buzzer4: Do tenants have first option to buy their rented accommodation if the owners default on their mortgage? We have been living here for more than 2 years and always paid our rent on time. We are being evicted now as the bank is foreclosing on the property. Is there a way that we could get first option to buy it and if so, will they want full market value for the property? This is in the UK. Best answer for Do tenants have first option to buy their rented accommodation if the owners default on their mortgage?:
Answer by MadMan
No, you do not have first dibs. You can contact the bank and see they sell their property through and make an offer there. And yes, they will want as much as they can get for it.
Answer by linkus86
You do not have the sole first right to buy, but considering your standing you would likely be the first person to contact the lender to seek purchasing the property after foreclosure. But instead you might want to consider approaching the owner and offering him the loan pay off amount to allow him to walk away from the debt free and clear, as it may be less than what the lender will demand for the property.
Answer by Iffy
No you put in an offer like anyone else
Answer by Zarg222
no - you are a renter - why would you have any dibs - bank owns it and they will want as much as they can get
Answer by justins
Unfortunately No. The bank now owns the property and will hold it until they can get the most for the property sometimes holding it for way to long and turning down offers at their listing price. Very confusing buying from the banks. I would suggest looking for a new place to live. The banks are not real estate investors and have no clue how to manage or sell a property. They seem to hold hold hold then dump off for next to nothing when people wanted it a years ago for twice the price.... Sorry to rant and good luck to you. www.ibuyohio.com
