If you are a first time buyer, no doubt you will have lots of queries about rate of interests, about type of interests, about lenders profile and their reliability etc. Such queries are normal and understandable.

Mortgage market is full of shocks. Fake claim is familiar in this trade. You can find many lenders ready to offer you more unreal deal that may not even materialise. So, you have to be guarded against such claims, specially, if you are a first time buyer.

There are plenty of first time buyer mortgages these days like shared ownership, guarantor mortgages, 100 per cent or zero deposit deals. Mortgages are also available with housing associations. The most important thing for the first time buyer is to be aware of resale value of their property and then they should be able to calculate the amount they intend to borrow. You should always include miscellaneous expenses in the mortgage deal.

Firstly, you should choose a home that you are going to purchase. Then you should let your property get evaluated. Of course, your lender will get it done for you. After evaluating the cost, you have to see your own budget that you can put as down payment.

Next step will be to search for genuine offers. You will have to understand the pros and cons of mortgages. Otherwise; there are grave chances that you will fall pray to the so called loan sharks. Since a first time buyer is susceptible, lenders prefer to exploit them, squeeze them and try to earn maximum from them.

If you are first time buyer, you should be very clear about various mortgage deals which can save you a sizeable amount of money.