First time buyer mortgages - what you need to know

When you're thinking about getting on the property ladder, there are plenty of questions you'll need answered. When it comes to first time buyer mortgages, this is likely to involve everything from what type of interest rates are available to how flexible you can expect your mortgage to be.

One of the biggest obstacles potential new homeowners face is getting the initial down payment together. You'll need to have a deposit which is usually at least 10 per cent of the agreed sale price. Therefore, this is something you'll want to take into account way ahead of securing the actual mortgage.

The cost of buying a home will also include fees for conveyancing, surveys, removal costs, and possibly stamp duty land tax so being realistic about what you can afford from the outset is essential. At Halifax, we offer homeseekers a range of tools that can help at this all-important early stage. Our mortgage calculator, for example, will ask you to detail some of your requirements, before giving you a list of our best options to choose from. By outlining whether you require a fixed or a tracker rate deal, putting in the method of repayment you'd prefer and what initial period you're considering for the mortgage, we believe we can find the right product for you. The tool will also ask you to confirm the value of the property you’re looking at, how much you need to borrow and when you would hope to have repaid the mortgage. This way, you can be sure the mortgages we offer are tailored to your specific requirements.

When it comes to choosing between a tracker and a fixed-rate mortgage, you should think about whether or not you feel comfortable with a monthly payment that changes. For some, the current low tracker rates available will likely be tempting, but for others the peace of mind a fixed rate provides will be more attractive. If you choose one of our tracker mortgages, your repayments change with the interest rates. Our fixed rate options, on the other hand, will operate for up to five years - allowing you to work out exactly what you’ll have to repay over the term of the fixed rate deal.

If you're already a Halifax current account holder paying £1,000 or more in each month, you could apply for one of our best mortgage rates. But even if you aren’t with us, we can soon set you up with an account and take an application for one of these.

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