First Time Buyer

As a first time buyer, you are likely to have some particular requirements.
You will probably have a very small deposit or possibly no deposit at all. You may be having to push your budget to the limit just to afford a mortgage, but are determined to get a foot on the property ladder.

There are several suitable solutions for you:

• 100% mortgages – many lenders offer 100% mortgages aimed at first time buyers.
  
• If you have a deposit, but can't afford large monthly payments, an option to consider might be an interest only mortgage, where your monthly payments only consist of interest, and you don't make any payment towards the capital sum.
  
• Choose a mortgage term longer than 25 years – it may seem daunting but many lenders will offer mortgages with terms up to 40 years

Any of these choices can be a good way to get started in home ownership, with a view to moving to a better deal in 2-5 years time when you have some equity in your property and are perhaps able to afford larger monthly payments.
Remember, very few people stick with the same mortgage for 25 years anymore. It is normal to change mortgages for a new deal every 2-5 years.