Why Can't I Find First Time Buyer Mortgages?
Why Can't I Find Them Online?
You can't find decent first time buyer mortgages online because the Internet is a great place for learning about mortgages and it is even a good place to source vanilla, prime loans - but when it comes to specialist loans, you need to find a specialist, and they do not put their loans on the Internet. First time buyer mortgages are complicated and can be disasterous for the first time borrower if they are not treated properly and do not come with the right advice. Lenders know that putting first time buyer mortgages on the Internet would not help anyone.
Why Can't I Find Them On The High Street?
It is true that there are a lot more good loans available straight from the lender. For some people, by just walking into a bank or a building society branch they will find themselves a good deal - but again, branches only offer safe loans that can be transacted 'over-the-counter' - they need little advice and they are usually pretty self-explanatory so are only good for a certain type of borrower. First time buyer mortgages are anything but self-explanatory - they are of a higher loan to value ratio so carry more risk and are therefore more expensive. Also, they need to be sold alongside some pretty rigorous financial planning. So again, lenders are not likely to sell their riskiest first time buyer mortgages to just anyone in a branch.
Why Is A Mortgage Broker Different?
Many banks and building societies see mortgage brokers for what they are - useful sources of advice. They know that for complicated, risky loans like first time buyer mortgages a lot of education must come along with them. If you have never borrowed a mortgage before then you will not understand the jargon, will probably be unclear of the process and will definitely have to be told of the consequences if you don't keep up repayments.
The best person to do all this is a fully qualified mortgage adviser who is legally regulated to give just the right mortgage advice. First time buyer mortgages are the first, biggest financial decision people make so they need to a have helping hand throughout. That's why you will not find first time buyer mortgages everywhere, but you will find them with a mortgage adviser.
I can honestly say all the staff I have been in touch with throughout the mortgage selection and application process have been excellent. Right from Darren who I initially spoke to on the phone back in April, to Mary and Clare who Darren passed over to while he was away, and Karen and Yvette who have answered all my questions promptly in the latter stages of the application process. All of the above have always replied to my correspondence in a very timely manner regardless of when I have emailed or called and the advice I have received has at all times been impartial and easy to understand. As a direct result of the people I have dealt with I would happily use TMBL again myself and equally would recommend them to family and friends in a similar situation. A big thanks to all of you for making what could have potentially been a time consuming nightmare of a process into something I hardly had to give a second thought.
Mr Lennox
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