A Guide to Mortgage Types for First-Time Buyers

UK

2022/12/05

The UK base rate ↑ to 3%, the Bank of England has announced, which will affect any mortgage holder not on a fixed rate deal. After the latest increase to interest rates, it’s important people know what mortgages best suits their needs. Repayment mortgages Repayment mortgages, and repay some of the capital amount borrowed, as well as some of the interest on the loan each month. First-time buyer mortgages For many first-time buyers, a 95% mortgage can help, as with a home loan at 95% loan-to-value (LTV), buyers need to raise a deposit of only 5%