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Finding Out Which Lender is Best for First-Time Buyer Mortgage Edinburgh

If you are planning to purchase a property anytime soon, you can expect to begin exploring the real estate market by researching appropriate mortgages. However, if you are new to this, zeroing in on the perfect mortgage deal can be an incredibly challenging task for you. Fortunately, today’s discussion will cover some of the most significant tips and tricks of figuring out the right kind of mortgages as well as mortgage lenders for first-time buyer mortgage in Edinburgh.

WHERE TO START

You need to arrange a mortgage in the first place with the help of an Edinburgh mortgage broker like the Lothian Mortgage Services. A mortgage is a written guarantee from a financial lender that you have all the permission to borrow a certain sum of money from them for buying a property. It effectively defines your affordability and will govern your property hunt in accordance.

The mortgage loan rates are at a record low now and today’s first-time homeowner should not let go of this golden opportunity. While the real estate market continues to be rather competitive on price, mortgage cost is somewhat less expensive when compared to the average rents, which means the first-time property owners will be able to save a considerable sum of money every month even after buying their dream homes. You may choose to find out more about this by thoroughly studying the outcomes of various hypothetical scenarios on a mortgage calculator for first-time buyers in Edinburgh.

It may also be worth noting that the first-time buyers are not required to spend towards stamp duty for the purchase of real estate up to three hundred thousand British pounds and will have to pay as little as five per cent of any sum between three hundred to five hundred thousand pounds.

ENQUIRE ABOUT THE HELP TO BUY GOVERNMENTAL PROGRAMME

The Help to Buy programme by the government of the UK has helped millions of individuals to become proud first-time homeowners with a paltry deposit of just five per cent of the aforementioned sum. The said scheme has a wide coverage and the prerequisites are basic, which means that most people will be eligible for this particular governmental programme.

You require to deposit an amount that is five per cent of the property price and you will be able to borrow up to twenty per cent needed by the financial lender from the government itself. While the UK government’s loan will not charge you any interest for the initial five years, you will be accountable for settling the accrued interest as well from the sixth year onwards.

If you happen to reside in the city of London, you are eligible to borrow an even higher amount, up to forty per cent from the government. You may consider consulting the best mortgage broker for first-time buyers in Edinburgh to know more in this regard.

THE BOTTOM LINE

If you are a freelance worker or self-employed, securing a mortgage can often turn out to be quite tricky. However, you need not lose hope in the event any bank declines your mortgage application, as there are numerous lenders like the Lothian Mortgage Services who are best suited for offering financial assistance to first-time buyer mortgage in Edinburgh.