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The term First Time Buyer is used for individuals who have no experience of home purchase and are purchasing property for the first time. First time buyer mortgages were introduced to help finance that first property purchase.
A first time buyer has to be very careful before he signs any mortgage deal. There are various unprofessional lenders who bewilder you with mortgage rates. To avoid confusion update yourself with the current mortgage rates by spending time on the various lender websites. Remember the golden rule of property purchase Location, Location, Location. Seek the advice of friends and family who have experience in the home purchasing process.
A first time buyer should look for a low interest rate combining small and affordable monthly instalments over a realistic repayment period. Flexible offers are available which allow a small down payment at the beginning of the purchase with the lender financing the remainder.
The payments should be affordable and this dictates the repayment period. Remember you face losing your property if you fail to keep up repayments. The Internet is a great tool for the first time buyer to get the most information about lenders in the least time.
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