With the availability of a first time buyer mortgage it has become quite easy to bridge the gap between tenancy and houseowner. There are plenty of first time buyer mortgage packages from which a first time buyer can choose the most suitable one. If you are not competent enough to make a choice then you can take mortgage advice for first time buyer.

You can qualify for a first time buyer mortgage irrespective of your status. You may be a council tenant, housing association tenant or living with your parents; as a first time buyer you will be considered seriously. Even if you have a bad credit record you can qualify for a first time buyer mortgage.

Since a mortgage deal is a long process and involves lots of financial commitment, it is necessary for a first time buyer to do some homework before accepting a mortgage deal. The first thing a first time buyer should be careful about is his income. He will have to find out the amount he is fit to borrow so that he can make the repayments successfully. Then carefully consider the various options of interest rate and choose the most suitable one. Rate of interest has a crucial role in a mortgage. So a first time buyer must be cautious about it.

The length of the mortgage is the next important thing. Among short and long repayment terms go for the one which suits you as a first time buyer. Other few things to be considered are the fees, early repayment penalty, and downpayment.