‘Whom to ask’ is second problem which first time buyers face. Does a particular person have necessary knowledge to inform them about legal formalities? If yes, can you believe person to be tendering unbiased information? He/ she might be an agent of lender, just aiding lender to make his lead.

But knowledge about legal formalities is a must. One can be trapped into a bad deal in absence of information. Close friends and relatives might be a source of information. So can bankers and mortgage providers. The key to relevant information is getting information from a number of sources. While you get to know a whole lot of things, you can very easily eliminate superfluous information.

The normal amount of money advanced in this type of mortgage is 3.25 times salary of a single working member; and 2.25 times combined salary where both couple is working. Some lenders are ready to offer as much as 5 times salary. However, it will be advisable to ignore bait. It could lead you to pay much more than you could have afforded. Besides, there are many more expenses to pay for. There are a whole lot of fees and stamp duty to be paid for, which could cost a fortune.

While there is temptation to adorn ones home with best of designs and interiors, all at one go, it would be appropriate to be easy in plans. The limited resources which a common person has, does not warrant a huge expenditure on house. Even first time buyer mortgage will have to be paid someday.

Therefore, it is crucial to decide amount of first time buyer mortgage beforehand. Used aptly, mortgage can be key to your first home, and key to all enjoyment ensuing out of marriages, births and many more events, which this home will witness.

Finally, if you have a credit card, take following precautions:

Never lend it to anyone.

Never sign a blank charge slip. Draw lines through blank spaces on charge slips above total so amount can't be changed.

Never put your account number on outside of an envelope or on a postcard.

Always be cautious about disclosing your account number on telephone unless you know person you're dealing with represents a reputable company.

Always carry only cards you anticipate using to prevent possible loss or theft of all your cards or identification.

Always report lost or stolen credit cards to card issuers as soon as possible.

You may freely reprint this article provided author's biography remains intact: