First time buyer mortgage advice

Emma Lake, 24, a teacher in Reading, approached L&C Mortgages because she wanted the best mortgage advice available, and no broker fee to pay since she was looking to buy her first home and needed to keep a close eye on cost. As part of the Key Workers Scheme, Emma was able to put down a deposit on the property, giving her a Loan to Value of 72.44%.

As with many first time buyers, Emma was keen to take a fixed rate mortgage for stability and to pay off the mortgage on a repayment basis. Help with set-up costs would be a bonus, plus avoiding a higher lending charge.

Emma’s adviser at L&C recommended Abbey’s 2 year fixed mortgage set at 5.44% until 2 September 2006. The mortgage benefits from daily interest calculations, has early repayment charges within the fixed period only and Emma has the ability to make overpayments of up to 10% of the balance each year without penalty. There was no assistance with set up costs, but Emma was able to avoid paying a higher lending charge – a big help to a first time buyer.

The mortgage offers Emma both freedom and stability: an ideal combination for a young person starting out on the property ladder.

Says Emma: I was personally very impressed because my adviser talked me through every single option and gave me impartial advice and I didn't feel pressured at any point. I didn't have much in the way of savings as I was just out of university and because of my profession I had a low salary so I knew finding a mortgage was going to be difficult. But L&C managed to find me a great deal and were very supportive throughout. Very organised and impressive!

See also:
how much can I borrow? mortgage calculator 
what will my monthly payments be? mortgage calculator
free mortgage advice: our no broker fee policy
first time buyer mortgages
best buy mortgages