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First time buyers Guide

FIRST-TIME BUYERS

Financing your home

Mortgages over 100 per cent LTV

Some mortgages go one step further and lend certain first-time buyers who fit particular lending criteria to borrow more than 100 per cent of the property value.

Any funds beyond 100 per cent are effectively a loan that a first-time buyer can put towards other home-buying costs such as Stamp Duty, legal fees or even home improvements.

In some cases, however, although the whole loan will be payable at mortgage rates, not all of it will be secured against the property. Again, with any mortgage that offers over 100 per cent LTV, look out for higher interest rates and steeper fees.

Lenders may apply restrictions on 100 per cent-plus LTV mortgages. It is vitally important when considering this type of loan to seek professional advice. A trained and qualified adviser should be able to look at your commitments and assess your ability to afford a mortgage.

Beware of over borrowing.

 

 

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