Basics of First Time Mortgage Deals

There are special mortgage deals to suit the needs of first time mortgage buyers. Carefully planned incentives such as cash-back, introductory discount rates, reduction in valuation fees or below normal discount rates attract the new comers.


Cash-back incentives are particularly attractive because could be used to repay stamp duty, or cover the cost of buying new accessories for your home or decorating it. Also, a large discount on the variable rate for the first year could cover cost of similar needs. Similarly, a below normal discount rate will help you to take care of your monthly repayments and keep it constant and manageable at the initial stages.

The basic advantages of mortgage loans are that you get lower than normal rate of interest and cash-back when you most need it. However, in the long term you may end up paying higher rates after the initial discounts.

Depending on bank or building society’s mortgage advice is unreliable because they most often try to sell you a mortgage from their own limited range. However, there are ways to get free advice on the best deal and perhaps get cash-back also by using the services of competitive brokers.


First use a whole of market broker to find the right mortgage and use its influence to help you get accepted. Additionally, check some lenders particular lenders yourself to ensure you get the best possible deal. The key is to find the right combination of rate and fees. The following steps will enable you to make the right mortgage decision.

Step 1: Get all possible information on the latest development in the mortgage market. This will help you to have a proper understanding of the way mortgages work. The information can be had from online sites, books and other sources. Before starting, you need a quick idea of what’s available. Existing mortgage holders should see what their current lenders best deal is. However, speaking to a broker is usually a better option than transacting mortgages online.

Step 2: It makes sense to use a mortgage broker. A mortgage broker’s job is to find you a good deal. They also have the advantage of some influence with lenders to ease your acceptance and an extra layer of protection if things go wrong. Thus as you can get this, often for free, it makes sense to use one. The key is to find a suitable broker who will help you to locate the best mortgage deal at the cheapest rate. Choose a broker you like and trust because he is going to be the advisor who will guide you through to the final decision.