A 1st time buyer is not always a person who has not held a mortgage before. Many lenders will state that if you have not held a mortgage in the past 3 years they may class you as a first time buyer.

As a first time buyer lenders may consider you as an unknown quantity, in that you do not have a track record of paying a mortgage. This may mean that interest rates are slightly higher than for a borrower who is moving house.

Ideally lenders will be looking for a deposit for your mortgage, but some lenders are still offering 100% or more mortgages. (depending on your financial status and credit history).

Think carefully before securing other debts against your home.Your home may be repossessed if you do not keep up repayments on your mortgage.

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