Buying your first home is an exciting time and is likely to involve some of the most important financial decisions you'll ever make. However, the process doesn't have to be difficult. That's why it's important to get the correct advice and be equipped with as much information as possible

At HSBC we offer two types of mortgages for first time buyers:

1. Fixed rate mortgages
These provide the security of fixed mortgage payments until an agreed date, no matter what happens to interest rates.

2. Tracker rate mortgages

With these mortgages, the interest rate you pay is variable and is an agreed percentage above the Bank of England's Base Rate. As the Base Rate rises and falls, your interest rate will track these changes, and this will affect your monthly payments accordingly.

An Early Repayment Charge (ERC) applies to some of our products. You'll have an annual overpayment allowance during the year when the ERC applies. The annual overpayment allowance is the maximum amount you'll be able to overpay on top of your monthly payments. If you exceed your annual overpayments allowance, you will be charged an ERC on the overpayment you made which exceeded your annual overpayment allowance. If an ERC is applicable an illustration of this will be displayed on both your Mortgage Illustration and your Mortgage Offer.

Your property may be repossessed if you do not keep up repayments on your mortgage.