Mortgage Meadow / Mortgages / Credit Repair First Time Buyer

Trouble obtaining credit may not be due just to problems in the past with repaying your debts. Did you know that not being on the voters roll at your current property or a lack of a bank account can seriously affect your ability to borrow money?

A first time buyer is disadvantaged further, because by definition they do not have a history of maintaining a mortgage, so represent a higher risk to lenders. As a first-time buyer, it is very important that your first mortgage has both the right interest rate and terms.

At Mortgage Meadow our experts can search the whole mortgage market to ensure your first mortgage is the most suitable for your needs whatever your circumstances. So whether it is lowest interest rate, the greatest flexibility or a combination of the two our mortgage experts are here to ensure that we get the most suitable first time buyer mortgage for you.

For those who have had problems maintaining credit in the past, please remember you are not alone. There are many lifestyle events that occur to people every day that change their ability to maintain credit. This can include divorce, loss of a job, or a serious illness that prevents you from working for a prolonged period of time. These events coupled with the fact that personal debt in the United Kingdom is at record levels (Source; Bank of England August 2007) mean it has become common to find people with poor credit histories who struggle to arrange a mortgage.

At Mortgage Meadow we are experts, so we can find you the most suitable first time buyer credit repair mortgage for your circumstances; including mortgages for people with:

    • Mortgage or loan arrears
    • Credit or store card missed payments
    • Repossessed Properties
    • Discharged bankruptcies
    • CCJ 's
    • Defaults
    • IVA 's
    • Little or no credit history

It is important to remember that by meeting the repayments of an adverse credit mortgage, you will improve and repair your credit history, provided you have not accumulated additional debt problems. This will make it easier for you to secure credit in the future and at lower interest rates.

In addition to the usual advice we give to all our customers we would urge all first time buyers to consider the following: It is important as a first time buyer to be realistic when working out exactly how much you can afford to spend on your new house. This is in terms of both upfront and ongoing costs that are associated with home ownership. Most lenders will require you to put down a deposit and there are upfront fees that can include stamp duty, solicitor's fees and moving costs. Ongoing costs will include insurance, utilities such as gas and electricity, Council tax and a service charge if you have purchased a leasehold property. This all needs to budgeted for.

When looking for any property, it is best to do your homework and research the local area that you intend to buy in. Ask yourself; what is the local transport like? What's the commute to work like? Commuting can be one of the biggest household expenses if property is more expensive nearer to your place of work, make sure you weigh up this additional expense, when compared to the costs and time of commuting. Is the property in a high crime area, or in a flood risk area (both these points will affect your insurance arrangements), is the property in the catchments area for good local schools? This may make the property more desirable upon re-sale. What are the local amenities? Are they what are important to you?

As buying a property is likely to be the biggest investment you are ever going to make we have created a very detailed help area to give you information on the whole house buying process including, what to consider, the process, the costs and the people involved.

We believe after reading our help area you will be in much more informed position of what to expect when buying your first home. If you require some advice on dealing with debt, please also visit our online help area, which contains relevant links to some of the UK's best debt advice charities, such as The Consumer Credit Counselling Service

For more information on first time buyer adverse credit mortgages, please speak to one of our advisors now or use our online mortgage assistant to receive a tailored quote.

Remember think carefully before securing other debts against your home. Your home may be repossessed if you do not keep up repayments on your mortgage.