This will be a joint mortgage between myself and my partner who are both in full-time work

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the fact that you are a first time buyer has little to do with the kind of mortgage to get. more important is how much down, how long do you plan to stay in the home, how much is your income, how much do you need to borrow.

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While it is tough you probably need to save up a 20% downpayment. This will give you the best rate and keep your payments reasonable.

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There is no "best type". The "first time buyer" hype lender put out there is more a marketing ploy than anything. If you're putting money down, have a good credit history, and a favorable debt to income ratio then you should be able to get almost any product out there. I would suggest 5% down at a bare minimum, but 20% is ideal as you avoid PMI, and that is nothing more than a surcharge. Also, consider your goals for the property. If you only plan to be there 3-4 yours, an ARM may be your best bet as the interest rate will be lower before it adjusts. If you plan on being there a while, a traditional mortgage (15, 20, 30 year) might be best. If you're highly disciplined financially, an interest only loan will give you the lowest payment, but you won't pay principle, so you'll need to make additional payments on your own, or hope the property appreciates like a rocket.

Again, it's an individual decision based on your individual circumstances. Good luck!!!

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In some cases there are other options available. Forget 5% deposite they do not exist. As a first time buyer have you heard of the Homebuy scheme. This is a scheme whereby you apply for a 75% mortgage and the government/lending bank will lend you 25% on an interest free loan. When you sell your property you must repay the 25% lent to you at on outset at the current rate your property is valued at. For an example to make things easy if you entered a Homebuy scheme and the value of your property was £100,000 you would secure a mortgage for £75,000 then of £25,000 would be a deposit. This as a first time buyer would negate you from actually having to put down a deposit. When you sell your property and lets say the value of your property had risen to £2000,000 (in an ideal world) you would have to pay back the original interest loan of 25% which would be £50,000. There again you would now have £50,000 equity (this is the price on your outstanding mortgage as to what your property is valued at on sale the completed). I would sugest that you look at http://www.housingcorp.gov.uk/server...conWebDoc.1154
This will give you all the information you need.
I am a mortgage advisor that has used these schemes many times so if you need any help or guidence in what may be the best route to take please contact me.

Be realistic and honest with yourself about your current and future needs and upcoming life events. Those factors are different for everyone and mortgages aren't "one size fits all." By working with an experienced and knowledgeable mortgage professional, you will be able to tailor a solution that fits your individual needs.

When shopping for your loan, find a mortgage professional you feel comfortable with and whose questions demonstrate that they have your best interests at the forefront. Your experience will be a much more rewarding one.

Take a look at some of the other questions I've answered and that the other contributors on this wiki have answered. There are quite a few -- going through them just may answer some other questions you might have or make you think of new questions to ask. By getting as much information as you can the more able you will be to make an informed decision about buying your new home.

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you need at least 10& deposit as a first time buyer, but the best mortgage deals you will need 40% deposit.

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Well,

It is the low interest rates that make it appealing to credit consumers. A refinance mortgage loan can help you get cash for the equity in your home. Home equity refers to the value of the house that has already been paid for. This will include your down payment and the all the monthly payments you have been making. A refinance mortgage can get you access to cash. You can use the money to pay off other debts, take a vacation or start a home improvement project. Without the loan it may take several years to save up enough money to fulfill your dreams of a vacation.

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The fact that you are a first time buyer mortgages have little to do with like. More important is how much down, how long you plan to stay at home, how much your income, how much do you need to borrow.

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Exactly, make sure you have plenty for a down payment -- 20% is a good start, and avoid adjustable rate mortgages that can blow up in your face. Make sure you understand the fine print, get help from realtors and/or lawyers if necessary, their expertise will pay for itself in the long run with the money you save.

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