Buying for the first time? Let your Mortgages Direct adviser help you through the mortgage maze.
It is important to get the right advice about all aspects of your mortgage, from which lender, what fees are payable, the surveyor, the solicitor, stamp duty, etc.

First Time Buyers will be normally be offered exclusive packages, although these are not always as great as they seem. Your Mortgages Direct adviser will help you find the most suitable deal for you.

These can include:
• Free or Refunded Valuations
• Cashbacks
• Nil or reduced Arrangement fees
• 100% Mortgages

"I am buying for the first time, do I need a deposit?"
Not necessarily, speak to your Mortgages Direct adviser. With 100% (and 100% plus) mortgages, no deposit is required and many lenders will allow you to add legal fees and stamp duty to your loan. You should always remember that by adding monies to your loan, you are increasing the loan you have to repay. However, 100% loans offer home purchase to those who would rather use their savings for home improvements or to repay debts, for example.

"I have a deposit to put down, what difference does this make?"
As a rule of thumbs, the bigger deposit, the lower amount you need to borrow, and quite often the lower the interest rate you will end up paying. Your Mortgages Direct adviser will provide guidance, but in general:

1. 0% - no deposit, as above
2. A minimum 5% (sometimes 3%). Quite often, although not always, this will incur a Mortgage Indemnity Fee (this is a one-off charge levied by the lender, with which they purchase an insurance policy in case you default on the loan), which can normally be added to you loan – see Mortgage Glossary.
3. At 10%, generally the Mortgage Indemnity Fee is waived (while it may be levied, most lenders pay this for you). Furthermore, the interest rate charged can be lower than at 95%.
4. A 25% deposit normally means that you get a better rate still, and there is normally no Mortgage Indemnity Fee payable.

Interested? Why not ask for a no obligation quotation?