How to Find the Best Mortgage Lenders For First Time BuyersIf you are a first time buyer then finding the best mortgage lender is very important. With the recent slump in the property market it has become more difficult. If you are a first time buyer then it is advisable to take expert advice from an independent mortgage broker. A mortgage broker will be able to look around at your circumstances and find you the best deal. The biggest problem for first time buyers is that they don’t understand the basics of mortgage lending. First time buyers usually struggle to understand the difference between mortgages and secured and unsecured loans. Also they don’t have a clue as to which mortgage lenders offer the best deal. As a first time buyer it can be very confusing. So, what is the best way to find the best mortgage lenders? If you are not a very confident person then use a mortgage broker. These mortgage brokers specialise in finding the best mortgage lenders for first time buyers. Mortgage lenders differ greatly in terms of their interest rates, fees and charges. Don’t make the mistake of rushing into any mortgage offer just because it sounds good. Research your potential lenders thoroughly and base your decision on your individual requirements. It can be very easy for you to get ripped off by paying too much for your mortgage. In fact, if you choose the wrong lender then you could be worse off after the mortgage than when you started. First time buyers usually need mortgage lenders who will provide competitive rates, along with the most suitable loan size. So when looking for mortgage lenders you need to make sure that you find out as much information as possible about the different lenders. Look for reviews of different lenders online and also make sure that you read through the small print associated with any mortgage offer. Once you know what you are looking for then you can start comparing lenders. When you choose a mortgage for first time buyers, you will also need to decide if you want to purchase your own home or not. If you intend on buying a property then you can either choose to use the mortgage to finance the purchase (with the repayments spread across the loan term), or secure the property with a mortgage of your own. If you choose to buy a property with a mortgage then you can either choose a tracker mortgage or a standard mortgage. Either way the basic principle is that you will have monthly repayments which represent the amount of your mortgage debt. The tracker mortgage is often an attractive option for first time buyers, as it means that the initial repayments will reflect a portion of the cost of your chosen property, whilst a standard mortgage will remain the same amount throughout the loan term. In order to choose the best lender for first time buyers, you need to start by comparing mortgage offers from a number of different lenders. Once you have narrowed down the lenders you wish to work with then start negotiating with them to agree a suitable mortgage. The easiest way to do this is by making a note of any quotes that you are happy to compare on the mortgage and then doing a quick online search to identify other providers in your area. Another option is to speak to friends and family and request their recommendations. Once you have found a few good deals, it is time to start negotiating the terms of the loan. As with anything that involves money always be cautious about entering into any agreements without reading the fine print. Always remember that even the best mortgage lenders for first time buyers will only offer a deal based on what you can afford. Never allow yourself to be pushed into a borrowing plan that you may not be able to afford. Take your time and get it right first time. It is important to remember that the best mortgage lenders for first time buyers will be keen to see that your personal circumstances are suitable before agreeing to lend you the money to buy your new home. They will want to see evidence that you are able to repay the mortgage on time each month. They will also want to see that you have other secure loans that you can pay off each month such as credit cards and perhaps an overdraft. If possible you should try to secure all of your debts from one source and then use this to gauge whether you can borrow the money you need to buy your home. A successful application will leave you with your dream house in a short space of time so take your time and enjoy your adventure.