First Time Buyer (FTB)
Stepping onto the property ladder for the first time can be a terrifying and confusing experience.
Buying a property is almost certainly the biggest purchase the majority of us will ever make. Mortgage lenders will usually fight for your business once they're satisfied you can afford the repayments. They will offer a variety of special deals such as discounts offered only to first-time buyers, fixed rates, cashbacks, discounted rates where you get a lump sum in your hand for borrowing their money, free buildings / contents insurance; and so on.
You may feel overfaced by the choice but it will be worth while shopping around to make sure you get the best deal you can. Remember if you take out a discounted or fixed rate mortgage you are likely to be liable for an early redemption charge if you pay off the mortgage within a set period.
And learning about the personal finance process may not end there.
If you opt for an interest only mortgage, your lender will almost certainly talk to you about how you're going to repay the loan. Using an ISA, an endowment or maybe an inheritance from your Aunt Matilda. And then there's insurance, or mortgage protection as it's sometimes called.