Who Should You Go To For Advice On First Time Buyer Mortgages?

Buying your first home is a daunting prospect - but also an exciting one! It's one of the biggest decisions you will ever make so you've got to get it right.

Apart from finding your perfect pad, the financing is the hardest part. It's quite technical and requires a lot of research and knowledge. So who are the experts in first time buyer mortgages that you should approach?

There's always the option to look into and gain a little amateur knowledge yourself, or there are friends or family that can chip in. But, they will never be completely up to date with current market deals and offers and they certainly won't have the expertise to properly choose between products in the market which can differ in very subtle but important ways.

In our opinion it will serve you well to consult an expert in first time buyer mortgages.

There are three types. Independent mortgage advisors have the knowledge and details of all the products on the market, and the costs. They will give you a 'whole of the market' view and give you an unbiased opinion. Tied advisors sell the first time buyer mortgages of just one lender, so for example, if you search on 'first time mortgages' in a search engine and click on Nationwide, then their advisors will be tied and they will only discuss with you the products that Nationwide sell. A multi-tied advisor (possibly a broker) will be acting on behalf of a number of lenders and will only be able to discuss those first time buyer mortgages that his 'principals' sell.

Because there are so many products out there we work closely with independent 'whole of the market' advisors.

The profession of offering mortgage advice is one that is governed by the FSA (Financial Services Authority) who are charged with making sure that those involved in certain lines of work connected with finance are adhering to the Financial Services Act. Dealings in finance are taken very seriously in this country and spot checks on processes and procedures such as record keeping, permissions to give advice or simply give information and archiving are often carried out in order to keep things in check.

Due to the complexities of first time buyer mortgages and the financial naivety of the first time borrowers, mortgage advisors are not only highly trained, having to pass professional exams, but they are required to keep up with ever-changing best practice and to always know about all the different features of thousands of mortgage products.

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