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By: Ikedi Ani-okoye

This quick non-exhaustive guide is written to give help to people seeking a good mortgage whether they’re a first time buy or not.

Warning!!   Be careful, mortgages Like all financial products can be confusing to understand.

Be extra cautious about signing up for deal that may trap you into something that you cant honour. This applies to anyone whether you're looking for the best mortgage for first time buyers, or not!.
Always look for mortgage terms that are only for 2 or 3 years, also check that if you need to end the agreement before then, you wont be penalized too severe.

The Exception is if you've done your homework and found a long-term deal with an exceptional interest rate.
You can save your self literally thousands of pounds by shopping around and choosing your mortgage after comparing interest rates.

You don't need to be super intelligent to avoid paying extortionate rates. read this article which has  no sales pitch or sales jargon. The financial industry has an history of embellishment because of others financial ignorance, usually resulting from fear and apathy of financial products. But don't worry, we’ve put together this best mortgage for the first time buyers guide to get give you the right things to consider. A little know-how goes a long way.
Jargon is used mostly by people who are trying to get something from the recipient or don’t know what they are talking about.

So seek out a good mortgage quote and always ask "stupid questions",With confidence!
Finally, Remember, when looking for the best mortgage for first time buyers, you well sought after so you position is much stronger. Mortgage lenders are usually waiting to get your money. They want to make it as easy as possible.
Always keep in mind there is no mortgage business with out you! You both need each other.
Never Grab the first mortgage presented to you.

Ignore impressions to the contrary because  it's a buyers market – simply explained the mortgage lender is desperate to get your business (“put more bluntly your, money!”).
The differences in deals can get amount to many thousands of pounds. So AGAIN!! shop around, it’s well worth it.

Get advice form an Independent Mortgage Adviser. They should have the resources to tell you what you can be accepted for.

It's in your interest you know the deals that won't automatically reject. The reason for this is that enquiries direct to mortgage lenders can sometimes be submitted and adversely effect your credit rating. Other lenders seeing  your application to their rivals with no results, may cause them to assume you were turned down. This doesn’t give off a good first impression, and can make them less likely to help you.

There are  some mortgage lenders that make extra efforts to lure first time buyers in. So keep an eye out for “the best mortgage for first time buyers” special deals.
All good mortgage brokers should have these special deals. So compare and apply to more than ones to see what they come up with for you.

"No Money Down" Mortgages

100% mortgages is where the mortgage lender lends you all the money for the property ( if the house costs £200,000 you borrow £200,000).
The means you wont have to provided any of your own money.
Loans are usually to the value of the mortgage between 75% to 95% (eg if the house cost £100,000 a 75% mortgage means you would borrow £75,000).

Problems with a 100% mortgage

You will probably be charged a higher interest rate.
You may get “tied in”- i.e. (sometimes making it compulsory to but their insurance policy as a condition) which you want to avoid.

You have to relying on property prices to rising. If they fall you will have negative equity- that means the property costs less than what you are paying.
You are likely to have to pay a mortgage indemnity guarantee policy. It is designed to reimburse the lender if you borrow a high proportion of your property’s value. This is only good for the lender and doesn't help you.

But if you don't have enough spare cash a 100% mortgage is probably your only realistic option, there is some good news which is some reasonable deals can be found for a 100% mortgage.
You have to compare prices to find one. This can be a burden but with the help of an expert  can be achieved.

Hope “The best mortgage for first time buyers guide” has helped, to push you in the right direction.