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Encyclopedia > First time buyer

A First Time Buyer (FTB) is a term used in the British property market for a potential house buyer who has not previously owned a property. The British Property Market is made up of a number of related but separated sectors: Residential Agricultural Commercial It is often perfectly possible for one sector to be experiencing rising prices due to strict restrictions on land use in the UK. See also Estate agent Categories: United Kingdom-related stubs... Property designates those things that are commonly recognized as being the possessions of a person or group. ...

A First Time Buyer is usually desirable to a seller as they do not have to sell a property, and as such will not involve a housing chain. In buying and selling houses, a chain is a sequence of households who each depend in the next house in the chain being available to move into. ...

There are many factors a first time buyer will need to consider before purchasing their first property, such as how much they will be able to borrow, how much they can afford to pay each month, how much initial cash they will need for stamp duty, solicitors fees and a deposit, which sort of mortgage they should use and how they should repay it. For this reason, most will use a mortgage broker. Stamp duty is a form of tax that is levied on documents. ... A solicitor is a type of lawyer in many common law jurisdictions, such as the United Kingdom, Hong Kong, Republic of Ireland, Australia New Zealand and Canada, but not the United States (in the United States the word has a quite different meaning—see below). ... A mortgage is a method of using property (real or personal) as security for the payment of a debt. ... A mortgage broker acts as an intermediary who sources mortgages on behalf of individuals or businesses. ...

In the UK home ownership is seen as both desirable and essential, as a natural step in the life cycle - like getting a job, getting married or having children. However, in recent years the number of First Time Buyers purchasing property in the UK has declined, which many industry experts claim is a sign of weakness within the housing market, with FTBs being "priced out of the market" by ever increasing house prices. Many commentators believe that a British property bubble has existed since about 1998 in the British property market. ...

External links

  • Getting On The Property Ladder

  Results from FactBites:
First Time Buyer Mortgage Advice - Choose the right Mortgage. (250 words)
The first mortgage is your original mortgage on the property before you reportage and get a second or third mortgage later down the track to use your property as collateral for a loan.
The first is the most important since it is the one that will last the longest time and until it is paid off you may be unable to sell your property without the mortgage lenders approval and you cannot use the property for any use, i.e.
Generally the first time buyer mortgage is the one people spend the most time shopping around for and then any additional reportages are done through the same mortgage lender to save potential costs on legal fees and complications.
  More results at FactBites »



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