First Time Buyer

The prospect of purchasing any home, especially your first home, can be very bewildering and intimidating. Our main objective is to support you through the whole of the process, from beginning until end, to ensure that you fully comprehend everything to do with the purchase. We will assist you in choosing the right solicitor to aid you with the process. As this investment is a great amount, it is important that everything be done efficiently.

Previous to the credit crunch, as the property market was forever moving, there were substantial increases in both residential and commercial property prices. Especially as a first time buyer, this made the affordability of buying a new home very difficult to meet. However, as a result of the 2007 credit crunch, purchase prices rapidly decreased in the UK. This meant that buying a new home was much more affordable. Since late 2013, the housing market has been rising which therefore means that the housing prices have started to rise again. The impacts of the credit crunch and the ongoing global financial uncertainty means that mortgages might still be challenging to find and we believe borrowing criteria will more than likely remain harsh. In order to meet your requirements and find a mortgage that is appropriate, we will search a comprehensive range of mortgages across the market to find the right lender for you.

Getting on the ladder

Although being a first time buyer may be daunting, there are some advantages that come with this status; the interest rates are low and first time buyers are more attractive to sellers as they are not in a chain. Having a large deposit really matters in the current market. The more you can put down, the lower the interest rate you are likely to be offered. While many lenders are prepared to lend purchasers up to 95% of the property price, with the borrower putting in the remaining 5% as a deposit, better deals and rates are available to those who can put down, say, 20% or even more.

Help to Buy Scheme

Help to Buy: Equity Loan
In 2016, the Scottish Government rolled out the initial phase of a new Help to Buy scheme, which offers interest-free equity loans to first time buyers (as well as existing homeowners) by supplying borrowers with a loan for 15% of the property value. This scheme applies to new build properties only, and with the purchaser being required to put down as small as 5% of a deposit, a mortgage of only 80% would be needed from a lender. This scheme is available in Scotland only until March 2021. The English Government, Welsh Government and Northern Ireland Housing Executive run similar schemes - check out their websites.

Call us now or use our mortgage enquiry form and we'll be delighted to assist you.

A MORTGAGE IS A LOAN SECURED AGAINST YOUR HOME OR PROPERTY. YOUR HOME OR PROPERTY MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE OR ANY OTHER DEBT SECURED ON IT. YOU MAY HAVE TO PAY AN EARLY REPAYMENT CHARGE TO YOUR EXISTING LENDER IF YOU REMORTGAGE.

Mortgages

Call us today on 01542 280330 and we'll be pleased to help you.

Mortgage Enquiry Form

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