Topic: Mortgage

Longer-Term Fixed Rate Mortgages

Posted on October 25, 2023 by 1st Financial Foundations - Mortgage, Mortgage Finance

Understanding the difference between ‘deals’ and ‘terms’ is crucial

Are you pondering over whether to get a long-term fixed rate mortgage? The choice can be overwhelming, with lenders offering two, three, five and even ten-year deals, while others provide options that last even longer. This article will guide you through the different aspects of long-term fixed rate mortgages.

When it comes to mortgages, understanding the difference between ‘deals’ and ‘terms’ is crucial. The mortgage term refers to the loan’s lifespan, indicating how long it will take to pay off the entire mortgage. Traditionally, a 25-year mortgage was standard for first-time buyers. However, due to rising house prices, many are now opting for a 30-year term or longer.

Embracing Sustainability With ‘Green Mortgages’

Posted on October 24, 2023 by 1st Financial Foundations - Mortgage, Mortgage Finance

Promoting and facilitating environmentally friendly home enhancements

The worldwide shift towards sustainability has permeated various industries, and real estate isn’t immune. As we all aim to shrink our ecological footprints, ground-breaking solutions are emerging to make sustainable living a reality.

One such innovative idea is the ‘green mortgage’. Here, we’ll explore the concept of green mortgages, their workings and their benefits to homeowners and the environment.

Navigating Rising Mortgage Rates

Posted on October 23, 2023 by 1st Financial Foundations - Mortgage, Mortgage Finance

Practical steps for homeowners and buyers to consider

Many homeowners and potential buyers face increasing borrowing costs. However, it’s possible to ease the burden of escalating mortgage payments with the right strategies. Here’s how you can counterbalance the impact of rising mortgage rates.

Decoding Mortgage Choices

Posted on October 21, 2023 by 1st Financial Foundations - Mortgage, Mortgage Finance

Making the right mortgage choice could save hundreds or even thousands of pounds

When choosing a mortgage, many borrowers gravitate towards a fixed-rate deal that spans two to five years. This option brings predictability, with repayment amounts staying constant for the duration of the deal.

First-Time Home Buyers On The Rise

Posted on October 20, 2023 by 1st Financial Foundations - Mortgage, Mortgage Finance

Various tactics employed to secure first homes

The housing market has witnessed a surge in first-time buyers, with mortgage searches for this group rising by over 20%, according to data[1]. This trend suggests that first-time buyers are capitalising on the current slowdown in the housing market to make their initial foray into homeownership.

Despite the steep rise in property prices during the pandemic, first-time buyers employ various tactics to secure their first homes. The House Price Index reveals that first-time buyers need an additional £7,500 in earnings to climb the property ladder. As a result, many of them are choosing longer mortgage terms.