3 Year First Time Buyer Mortgages

Compare 3 Year First Time Buyer Mortgage Deals

First Time Buyer 2 Year Fixed Rate - 5% Deposit »NatWest Mortgages

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4.10%Reverts to 3.99% after 2 years


Overall Cost for Comparison 4.10% APRC. This is the cost of the mortgage over the full term. Early redemption charges may apply.

Compare latest 3 year first time buyer mortgages - use our mortgage tables below to see a selection of market leading mortgage deals:

Provider

Type

Initial Interest Rate

Initial Term

Max LTV*Product Fee 
Fixed

4.34%

Reverts to 4.79%

3

Years

95%

NoMore Info >
Early redemption charges may apply. Overall Cost for Comparison 4.70% APRC. This is the cost of the mortgage over the full term.
Fixed

5.18%

Reverts to 5.48%

3

Years

100%

YesMore Info >
Little or no deposit required, parent or grandparent provides a guarantee secured against their residential property.Early redemption charges may apply. Overall Cost for Comparison 5.70% APRC. This is the cost of the mortgage over the full term.

Representative Example:


A repayment mortgage of £120,000 payable over 28 years and 1 month initially on a fixed rate for 2 years at 1.99% and then on the lender current variable rate of 3.69% (variable) for the remaining 26 years and 1 month would require 24 monthly payments of £465.20 and 312 monthly payments of £565.39 and one final payment of £565.19.


The total amount payable would be £189,357.67 made up of the loan amount plus interest (£68,161.67), booking fee (£999), completion fee (£30) and valuation fee (£197).


In this example the overall cost for comparison is 3.7% APRC representative.


YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.

First Time Buyer 3 Year Mortgage Deals

As a first time buyer, finding a 3 year mortgage deal may appear to be a daunting prospect with so many different policies available. However, it is important to remember that by conducting suitable research and comparing mortgages, first time borrowers may be able to find a much better deal from providers.

 

Before searching for an appropriate 3 year mortgage deal, first time buyers should carefully consider exactly what type of repayment deal they will require. The following is a brief explanation of each:

 

Repayment
Repayment mortgages are generally more popular due to the high level of security that they provide customers with. Customers will be expected to repay a portion of the initial loan, with an added interest rate included on top, until the entire mortgage has been repaid in full.

 

Once this has been fully repaid, most customers are generally guaranteed to own the property outright.

 

Interest Only
Customers repaying an interest only mortgage will only be expected to repay the rate of interest during the course of the loan, making payments that much easier initially.

 

However, it should be remembered that the borrower will still be expected to repay the entire borrowed amount at the end of their mortgage. Customers must have invested or saved enough money to make this payment at the end, or will risk losing the property.

 

Once this decision has been made, a suitable interest deal should be selected by first time buyers, a 3 year mortgage policy may come with a number of strengths and weaknesses. Here are some examples of the various different types of 3 year interest rate deals that are available:

  • Fixed rate mortgages
  • Tracker mortgages
  • Variable interest rate mortgages

 

If you are searching for a suitable 3 year mortgage deal, you may wish to see our mortgage comparisons tables above for more information on the various offers that are available. 

Which? Mortgage Service
Mortgage ServiceWhole Of Market Mortgage AdviceFeaturesMore Info
yesWe’ll pick the perfect mortgage for you. Our mortgage advisers get paid salaries, not commission. So when they recommend a mortgage, you can be sure it’s the best one for you – not for them.
Call 0333 305 3219
More Info >

YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.

The above mortgage products highlighted on this website are available directly through lenders who will be able to provide further information about the product you are interested in. If you are unsure about what mortgage product is suitable for you, we suggest you speak to an independent mortgage broker