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| Whether
you have a deposit or not, Albyn
Associates Financial Management can
help you through the mortgage maze for the first
time! |
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First
Time Buyers can be offered exclusive packages, such
as:
- Free Valuations
- Cash-backs
- No Arrangement
fees
- 100% Mortgages
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| "I
Am Buying for the First Time, Do I Need a Deposit?" |
| No.
100% (and 100% plus) mortgages can be arranged for
you. This means that you do not require to pay a
deposit of any kind. Furthermore, many lenders will
allow you to add legal fees and stamp duty to your
loan. You should always remember that by adding monies
to your loan, you are increasing the loan you have
to repay. However, 100% loans offer home purchase
to those who would rather use their savings for home
improvements or to repay debts, for example. |
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| " I
Have a Deposit to Put Down, What Difference Does
This Make?" |
The
bigger deposit, the lower amount you need to borrow,
and quite often the lower the interest rate you will
pay. There are four key levels for deposit:
- 0% - no deposit,
as above
- The minimum level
of 5% (sometimes 3%). Normally, this will incur
a Mortgage Indemnity Fee (this is a one-off charge
levied by the lender, with which they purchase
an insurance policy in case you default on the
loan), which can be added to you loan.
- At 10%, the Mortgage
Indemnity Fee is normally waived (although it
is still levied, most lenders pay this for you).
Also, the interest rate charge can be lower than
at 95%.
- A 25% deposit
normally means that you get a better rate still,
and there is normally no Mortgage Indemnity Fee
payable.
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| Interested? |
| To
obtain a FREE personalised quote, simply
complete our enquiry form by CLICKING
HERE |
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