re-mortgages.gb.com - for first time buyers
Re mortgages
An easyer way to get on with things...First Time Buyers
| Navigation: |
| Re mortgages |
| Bad Credit Mortgages |
| First Time Buyers |
| Mortgage-protection |
| Self Cetification Mortgages |
| Mortgage Brokers |
 |
Mortgage lenders are all for first-time buyers, because once obtained, they may hold on to them as borrowers for many years and perceptively sell them on to larger mortgages. But, first-time buyers are learning to be more and more astute. Today, more people are likely to shop around following the paying off of any redemption penalties.
First Time Buyers:
First-time buyers who only have a low deposit should watch out for mortgage indemnity guarantees (Migs). Many mortgage lenders are known to force borrowers to buy these as a condition of the mortgage. The Mig is an insurance policy that is put in place to protect the lender if the borrower defaults on mortgage payments. It has no benefits for you as the mortgage borrower and can cost you thousands of pounds. Even if it's spread out over the life of the mortgage, it is simply another addition to your outgoings.