On a
UK mortgage, a first time buyer is most commonly allowed to
borrow three times their gross annual pay. In the case of a double
income, a couple can typically borrow 2.5 times the joint income.
Before choosing their first
UK mortgage the first time buyer should
be aware of what they can realistically expect to be offered. This
is best done by ustilising the
UK mortgage calculators available on
most quality UK mortgage web sites.
First time buyers should know that
not only will their income be considered when applying for a UK mortgage
but also their emploment and credit history and marital status. Only
when the first time buyer has entered all this data into a
mortgage calculator
will they have a good idea of what UK mortgages they may be
granted. Then the potential buyer must decide where to invest their money.
Most property agents and UK mortgage providers will tell you that there are
three significant factors to consider when purchasing property; location,
location, location. That said, however, all buyers should think about their
own personal needs before taking on a
UK mortgage. A young singleton, for
example, may be happy with a down town studio, whereas a couple with a baby
on the way may be better off eyeing the leafy suburbs with their array of
three bedroom semis.
Go to the UK Mortgage Comparison tables
Read more on UK Mortgages:
» UK Mortgages
» Where to find UK mortgages
» Which UK mortgage is best for you?
» How to choose a UK mortgage?
» What is a UK mortgage?
» UK mortgages and the first time buyer
» Remortgaging on the UK mortgage market
