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There’s a lot to get your head around if you’re new to mortgages and thinking  about moving into your own pad. We get the lowdown on LTV, support schemes,  lenders’ rates and fees for first time buyers.

Couple Looking At Flat

Tired of renting or sponging off Mum and Dad’s hospitality? If so you’re  probably considering getting your own place, but how do you know what mortgage  to go for?

That question becomes even more important if you don’t have lots of savings  to put down as a deposit.

Here’s how you can compare  95% mortgages for first time buyers to land your first home without too much  hassle – and without paying over the odds.

Basics of 95% first time buyer mortgage deals

Mortgages are essentially a great big loan used to buy a property; the bigger the loan, the bigger the  lender’s risk of losing money.

To mitigate this your lender, which may be a bank or building society, asks  for a deposit. In mainstream mortgages a 5% deposit is usually the minimum you  can put down.

This means on 95% mortgages your deposit must be equal to 5% of the property’s  value. If it was worth £250,000 you would make a down payment of £12,500 – the  lender makes up the remaining amount, £237,500.

As the bank is contributing 95% of the money for you to borrow to buy the  house – known as 95% loan-to-value or LTV – first time buyer mortgages 95% are considered higher risk  agreements.

This denies you the very best rates and bumps up your monthly repayments, but  shop around and you can still find a competitive first time mortgage.

Assess your financial situation

Before you become a 95%  mortgage first time buyer you must be confident you can make the financial  commitment. If you miss payments your new home may be repossessed – so be  absolutely sure.

If you are younger and not earning much, will you have a steady enough income  to pay off what you borrowed? Think about how much you spend each month and  where you can save money; try out our Action Plan, How  to buy a house.

When you have worked out whether you’ll have enough cash to make your  repayments, it’s time to find out what mortgages are available and make a 95%  first time buyer mortgages comparison using our table.

Support schemes for first time buyers

If you have enough to make a deposit and become a mortgage  95% first time buyer, it’s worth also taking a look at initiatives that  offer support to those with smaller down payments.

One such scheme allows you to have a family member or relative act as a  guarantor. This gives your creditor more reassurance it will get its money back,  making it more likely to lend to you and maybe even put forward better rates as  a result of the lower risk.

Another programme is the government-backed Help  to Buy mortgage scheme which aims to help you if you have little or no  savings and can only make a small deposit.

  • Equity Loans - the government will lend you up to 20% of  the house’s value so that, in essence,  you can look at mortgages down to 75%  LTV
  • Mortgage guarantees - the second part of Help to Buy  guarantees up to 20% of the property value, encouraging lenders to offer a wider  selection of high LTV mortgages and push down their rates

These schemes mean it’s easier to get mortgages without having a lot of  savings, helping you get on the property ladder faster.

Keep in mind though that you still need to make the monthly repayments, and  you will need to pass affordability checks and have a good credit history to  qualify.

Comparing the best 95% mortgage for first time buyers

When you start making mortgage comparisons you will notice that most of those  offered are fixed rate. This means you would make the same monthly payments each  month for the duration of the initial interest rate period.

This can be handy for you if you are a first time buyer as you know how much  you need to pay each time and can budget around it accordingly, although you  need to think about how long you’d like the initial rate to last for.

Fixed rates can vary from two to five years. If you opt for a two year rate  you may pay less than if you opted for five years but once that ends you might  need to look around again to switch your mortgage – by which time the Bank of  England base rate could have gone up and you’ll pay more as a result.

If you choose a longer term fixed rate, you’ll pay slightly more but you at  least know you aren’t susceptible to increases in general rates. Of course you  won’t feel the benefit if rates drop, either.

It’s a matter of how much stability you want and how much of a gamble you are  willing to take.

The alternative to fixed rate is a variable rate mortgage. This is when rather than being static, the  interest rate can vary depending on what the Bank of England’s base rate is.  While this means at times when rates are generally low you might pay less, they  can also become more expensive if rates shoot up.

Mortgage fees

It’s worth bearing in mind that to get the creditor’s best rates, you might  be asked to pay an arrangement fee. This can be steep so weigh up whether it’s  worth it to get the cheapest initial interest rates.

Some 95%  LTV mortgage lenders may charge you for taking out any mortgage with them –  even before piling the product fee on top! This is why you need to check and  compare what each offers and requires you to pay, in addition to the headline  initial interest rate.

Use the overall cost to compare long-term affordability, and compare set up  fees and the initial rates to save here and now - remembering to switch if you  need to when those rates end!

Compare 2 year fixed rate mortgage deals from all the lenders currently offering 2 year fixed rate mortgages & find the two year mortgage or remortgage deal that will help you make savings in minutes.

Our comparison tables makes searching the best 2 year mortgage deals quick & easy so that you find the cheapest 2 yr fix mortgage rates available from various lenders.

A two year fixed rate mortgage deal allows you the security of set payments but gives you the flexibility to re-mortgage after only two years.

What's more, choose your deal carefully and you may be able to secure a hugely competitive interest rate that gives you relatively low initial payments.

In general, the shorter the period you wish to fix for, the lower the rate. For this reason, some extremely low interest rates are available on 2 year fixed mortgages

If you need to borrow less than 70% of your property's value it's likely that you'll be able to secure the most competitive rates.

However, even if you need to borrow 90% of your home's value, finding a relatively cheap fixed rate mortgage deal should still be possible.

When you're carrying out your 2 year fixed rate mortgage comparison you shouldn't automatically assume that the best 2 year fixed mortgage is the one with the lowest interest rate.

Fixed rate deals often have higher arrangement fees than other mortgages, so check how the fees differ between available deals. Finding the best mortgage deal is more about comparing the overall cost - including all fees and charges - as opposed simply going for the deal that seems least costly on the surface.

Unlike discounted or tracker mortgages, early repayment charges are likely to apply for the duration of the fixed rate period.

Penalties may also be applied if you make significant overpayments so make sure you take this into consideration and carefully check the terms and conditions of any deal you consider applying for.

Also, some lenders will extend early repayment charges beyond the end of a fixed rate period, so check this carefully. Otherwise you may find that your fixed rate period ends and you are faced with the unpalatable choice of either paying the penalty in order to re-mortgage, or paying an uncompetitive standard variable rate until the penaly period has ended

How to Find the Best Mortgage Rates

Much has been written about the credit crunch, but getting a mortgage nowadays may not be as difficult as you might think.

Thousands of mortgage deals are still available to all kinds of borrowers.

Although they may not be as plentiful compared to a few years ago, there are mortgages for first time buyers, mortgages that allow for high loan to value (LTV) borrowing and deals for borrowers with a poor credit history.

When you're looking for the best mortgage rates you should first think about the criteria suitable deals need to fulfill.

Do you want a fixed or tracker deal, or do you need a mortgage that's suitable for buy to let properties, remortgages or first time buyers.

Other criteria you may look for in a mortgage include the length of fixed rates, the amount you can borrow, low fees or special types of mortgages such as cashback, offset or right-to-buy.

There are a whole host of options available from mortgage lenders so before carrying out a mortgage comparison, you should consider what you want from your mortgage.

You may require a fixed rate, where payments are guaranteed not to change for a specified period; or a tracker mortgage where your interest rate rises and falls in line with an industry base rate. Alternatively, you may require a deal above a certain LTV.

You may well find a number of cheap mortgages, where you are pleasantly surprised regarding the level of initial payment. But you should not automatically assume that the best mortgage deals are those with the lowest interest rates, you should also consider the fees charged.

Taking out a mortgage deal will require you to pay several different fees. These could include valuation fees, mortgage account fees, application fees, arrangement fees or transfer of funds fees, plus a ‘higher lending charge’ for a mortgage where you borrow a high proportion of the property value.

You can also expect a mortgage to have an early repayment charge – a charge should you wish to repay your mortgage during the early years of the arrangement.

Typically this charge ceases to apply once your fixed or discounted rate period has ended, however on occasions it continues after the end of this period, especially on fixed rate mortgages.

Providing you take these points into consideration when you compare mortgages you should be able to find the best mortgage deal for your circumstances with relative ease

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