For many first-time buyers, the excitement of securing a new home is often followed by the immediate pressure of mortgage repayments. But what if you could have a bit of breathing space before those payments kick in? That’s where Delayed Start Mortgages come into play—an innovative option that’s turning heads in the property market.
What is a Delayed Start Mortgage?
A Delayed Start Mortgage allows first-time buyers to delay their initial mortgage repayment for up to three months after completion. This flexibility can be a game-changer for those who need time to:
• Settle into their new home comfortably
• Complete necessary renovations or improvements
• Budget more effectively without immediate financial pressure
It’s a smart solution for buyers who want to get their footing before diving into regular payments.
Who is Eligible?
Currently, this type of mortgage is available exclusively for first-time buyers. If you’re taking your first step onto the property ladder, you could benefit from this option, giving you more control and peace of mind during the transition to homeownership.
Why Consider a Delayed Start Mortgage?
• Financial Flexibility: Avoid the immediate strain of repayments right after moving in.
• Time for Improvements: Perfect if the property needs a bit of TLC before fully settling in.
• Stress-Free Budgeting: Focus on the essentials first—like furnishings, utilities, and moving costs.
Is It Right for You?
A Delayed Start Mortgage can be ideal if you:
• Are a first-time buyer needing time to adjust financially
• Want to renovate or make improvements before moving in fully
• Need a financial cushion to ease into homeownership
If you’re considering buying your first property, this could be a fantastic option to explore. This continues to demonstrate how lenders are trying to find different ways to support first time buyers onto the property ladder with other options that exist including.
• 100% mortgages
• Low deposit mortgages
• Joint Borrower Sole Proprietor mortgages.
• Income boost mortgages.
If you would like to find out more about the options available to you and the most competitive rates, call us today on 0161 428 3663 or speak directly to our mortgage partners Mortgage Advice Bureau
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