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First-Time Buyer Mortgages
Mortgage Types
Types of mortgages available to first-time buyers include:
- A fixed-rate mortgage gives fixed monthly payments for, typically, between 2-5 years, depending on your circumstances and agreement with the lender. You will benefit if the interest rate rises, but not if it falls. This type of mortgage is often better for first-time buyers as it offers more security.
- A tracker mortgage is aligned with a base rate, typically the Bank of England’s base rate, plus a pre-agreed mark-up. Your payments will rise and fall in line with this base rate. Those looking to remortgage from a fixed rate to a variable or tracker may benefit from better rates, but will have less security.
- A discounted rate mortgage offers a discount on a certain interest rate, most commonly a lender's Standard Variable Rate. The discount can be for an introductory term of two, three or five years, or it could even be for the entire term of the mortgage (a lifetime discounted rate)
- A variable rate mortgage gives an interest rate stipulated by the lender. You would normally revert to this rate at the expiry of a fixed term, tracker or discount period. If your mortgage has reverted to a standard variable rate, there are normally lower cost solutions available.
Shared ownership
A shared ownership mortgage allows you to buy an agreed percentage of a property. The remaining share of the property would typically be owned by a housing association or management company. In this instance you would pay an agreed rent on the percentage of the property you do not own in addition to your mortgage payments.
Your property may be repossessed if you do not keep up repayments on your mortgage.
This firm usually charges a fee for mortgage advice. The amount of the fee will depend upon your circumstances and will be discussed and agreed with you at the earliest opportunity.
What are our Fees and Charges?
Insurance
We will not charge you a fee for our services relating to insurance, but we will receive commission from the product provider. The commission will be calculated as a proportion of the premiums paid for the insurance product.
You will receive a quotation which will tell you about the fees and charges relating to any insurance policy that we recommend.
Mortgages
For our advice services we will charge no fee
We will be paid a procuration fee by the lender. The amount of the procuration fee will be disclosed to you.
You have the right to ask us to provide information on the range of procuration fees that the lenders on our panels offer to us.
If an application is submitted to a lender via a packager (a 3rd party specialist) we will be paid commission by the packager. This will be disclosed to you.
Why Aston & Co Financial Services?
At Aston & Co Financial Services we have the experience and the know-how to help first-time buyers find the best mortgage deal to suit you and your budget. Our friendly and professional advisors are on hand to guide and support you in your choices. Contact us today to discuss your needs and pave the way to your happy-ever-after.
