2 Year First Time buyer Mortgage Deals
Purchasing your first property is obviously a big step, however with the right first time buyer mortgage it need not be such a daunting experience. It is therefore crucial that you take the time to compare mortgage deals from several different providers before deciding which might be the best for you.
For first time buyers, a 2 year mortgage may be preferable, although you may wish to consider the following before choosing a particular interest rate deal:
- How much deposit you have readily available
- How much you can reasonably afford to pay for your mortgage
- Extra costs such as property valuation, administration fees, insurance etc.
There are a number of different mortgage lenders who could offer 2 year first time buyer mortgages. To ensure that you get the best possible mortgage deal available to you, it is a good idea to approach as many lenders as possible. For help with this, you could consult the mortgage comparison tables above.
As you look for 2 year first time buyer mortgages, you may come across the following interest rate deals:
A 2 year first time buyer fixed rate mortgage
This type of mortgage will fix your monthly payments to a set amount for the first two years of your mortgage; during this set period, your monthly payments will not be affected by increases or decreases in the Bank of England base interest rate.
A 2 year first time buyer tracker mortgage
A tracker mortgage has interest rates that follow the Bank of England base rate; these could therefore rise or fall in accordance with this.
After the 2 year period has passed, interest rates on 2 year first time buyer mortgages may revert back to the lender’s Standard Variable Rate (SVR). When considering the length of different deals, it may also be a good idea to use a mortgage calculator to help you assess the costs of your first time buyer mortgage.