Skip to playerSkip to main contentSkip to footer
National World - LocalTV
  • 19/04/2024
Here is your guide to mortgages for first-time buyers.
Transcript
00:00 Here's your guide to mortgages for first-time buyers.
00:05 Now, a first-time buyer is defined as someone who has never owned a freehold or leasehold
00:10 interest in a residential property.
00:12 A mortgage itself is a loan taken out to buy a property.
00:15 Whilst mortgage terms can vary, most run for around 25 years.
00:20 You'll need at least 5% of the purchase price of the property to put down as a deposit.
00:25 You'll then borrow the rest of the money from a lender, such as a bank, and pay back the
00:29 lender until it's completely paid off.
00:31 So your mortgage rate is the amount of interest you'll pay on the money you borrow to buy
00:36 a property.
00:37 Mortgage rates have fluctuated a lot over the years as they're impacted by inflation
00:41 and economic growth.
00:43 But according to the Evening Standard, the top barriers for first-time buyers wanting
00:47 to get onto the property ladder include high house prices, saving for a deposit, and the
00:52 ability to afford the monthly mortgage repayments.
00:56 But what do you think?
00:57 Do you think it's a difficult time for first-time buyers to get onto the ladder?
01:00 [BLANK_AUDIO]

Recommended

2:00
Up next
Advice for first-time home buyers: Will mortgage rates come down?
Local TV
19/04/2024
0:41
What First Time Homebuyers Need to Know According to Real Estate Pros
Better Homes and Gardens
28/02/2023
1:00
Avoid these common mortgage mistakes
Australian Community Media
24/01/2024
1:00
First time buyers: New no-deposit mortgage aimed at renters launched
National World - LocalTV
09/05/2023
1:12
First-time buyer says mortgage is ‘unaffordable’ now
ODN
18/10/2022
0:46
What Real Estate Experts Want You to Know Before You Buy a Second Home
Better Homes and Gardens
07/07/2023
3:05
No deposit mortgage: Building Society launches new mortgage and we find out what Manchester people think
National World - LocalTV
15/05/2023
1:00
Mortgage rates: How much can you expect to be able to borrow when taking out a mortgage?
National World - LocalTV
31/03/2023
1:05
A fifth of prospective home buyers put an offer in after just 20 minutes
National World - LocalTV
13/08/2024
3:05
Housing: How are you coping with paying your mortgage or rent payments?
National World - LocalTV
19/07/2023
1:00
Mortgage rates pulled with just ‘a few hours notice’ as deals creep up
Local TV
02/06/2023
3:00
What help is there for first time buyers in Wales?
Local TV
14/02/2025
1:58
Home Buying and Selling Tips for the End of Lockdown Buying Frenzy
CW7 Arizona
12/05/2021
1:00
Mortgage rates: Top tips from experts on how to save money with interest rates increasing
National World - LocalTV
11/07/2023
2:55
Buying a house - 3 mistakes buyers make when viewing a property for the first time
National World - News and sport explainers
04/02/2021
2:00
House viewings: Advice on how to make the most of them from Zoopla
National World - LocalTV
13/08/2024
2:00
Mortgage rates rise to nearly 7%
The Street
08/01/2025
0:38
Ready to Move on to Your Next Home? Here’s What Experts Want All Move-Up Buyers to Know
Better Homes and Gardens
21/11/2023
1:39
Mortgage rates drop to lowest levels since August
The Street
14/12/2023
0:46
Homeowners Pay Nearly $15,000 a Year In Hidden Costs, New Report Finds
Better Homes and Gardens
29/06/2023
2:25
Senate inquiry expected to recommend easing lending restrictions to help first home buyers
ABC NEWS (Australia)
28/11/2024
1:00
What are Mortgage Rates Doing to Home Buying?
Stringr
19/04/2023
2:00
First time buyers forced to wait until their 40s
Local TV
10/02/2025
2:18
This is the best time to buy a house
The Street
30/09/2024
2:00
Houses for first time buyers
National World - LocalTV
08/01/2025