Buying your first home is an exciting time but it comes with lots of challenges, questions and, understandably, sometimes a bit of anxiety. First-time buyers can experience a steep learning curve on all the processes involved with buying property, most notably regarding mortgages.
Power is knowledge in the mortgage market and all buyers can significantly benefit by making informed decisions. By acquiring the right information beforehand, you can select the most suitable mortgage and potentially save a lot of money.
You may have heard of first-time buyer mortgages, which are, as you would guess, mortgages aimed at people buying their first home. Although there is no specific type of mortgage for a first-time buyer, these mortgages are often marketed to first-time buyers because they offer a discount or benefit, such as cashback.
Did you know…
Recent data states that there were 290,000 first-time buyers in the UK in 2023 which accounts for more than 50% of all mortgages taken out during the year. This is why lenders often market their mortgages as first-time buyer mortgages, considering the market is heavily saturated with new applicants. The same source states that first-time buyers have risen over the last decade.
