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Wednesday 18 December 2024
Wednesday 18 December 2024
Wednesday 18 December 2024
Wednesday 18 December 2024
Unlock a range of exclusive mortgage products and benefits designed to make buying your first home easier, more affordable, and stress-free.
At Barrett Mortgages, we pride ourselves on offering exclusive mortgage products tailored specifically for first-time buyers. Our team has access to deals that aren’t available on the high street, which can translate into lower interest rates, flexible terms, or even higher borrowing limits. These benefits can make it easier for you to secure your dream home sooner than expected.
We also help navigate government schemes, such as the First Homes Scheme or Shared Ownership, which are designed to make homeownership more accessible and affordable. Our advisors are here to guide you through these options and find the scheme that best fits your situation.
Understanding your financial boundaries is essential, which is why we offer personalised affordability calculations. Our experts will assess how much you can borrow and clearly outline all related costs, such as legal fees, surveys, and any applicable stamp duty exemptions. This ensures there are no surprises along the way.
When you’re ready to make an offer, we can secure a decision in principle on your behalf. This gives you confidence and strengthens your position when negotiating for your future home.
Throughout the entire process, our team is committed to providing expert guidance. Whether it’s demystifying confusing jargon or liaising with solicitors, we’ll handle the complexities, so you can focus on the excitement of becoming a homeowner.
Common Questions from First-Time Buyers
How much deposit do I need to buy my first home?
The amount depends on the property price and lender requirements. Typically, you’ll need at least a 5% deposit, but having 10% or more can give you access to better mortgage rates. Government schemes like the Mortgage Guarantee Scheme can help if you only have a small deposit.
What are the additional costs involved in buying a home?
In addition to your deposit, you’ll need to budget for costs like solicitor fees, surveys, stamp duty (if applicable), and moving costs. Some lenders offer cashback mortgages to help offset these expenses.
Can I afford the monthly repayments on a mortgage?
This depends on your income, outgoings, and the mortgage amount. Lenders assess affordability carefully, and our advisors can help calculate your maximum loan amount and provide a decision in principle so you know what’s realistic.
Are there any government schemes to help first-time buyers?
Yes, schemes like the First Homes Scheme, Shared Ownership, and Lifetime ISAs are designed to make buying your first home more affordable. These can provide discounts, lower deposits, or financial incentives.
What if I don’t have a deposit saved?
There are options, like deposit-free mortgages (e.g., Skipton’s Track Record Mortgage) for renters with a good payment history. Alternatively, family-backed mortgages, such as Barclays Springboard, might help you buy without a deposit.
Exclusive Products and Benefits for First-Time Buyers
Nationwide Helping Hand Mortgage
This standout product allows first-time buyers to borrow up to six times their income, ideal for those with a stable employment history. It requires a 5- or 10-year fixed rate and is available to employed or fixed-term contract workers.
Barclays Springboard Mortgage
Buyers can purchase a property without a deposit. Instead, a family member provides 10% of the property’s value as security in a savings account, offering flexibility and security for new buyers.
HSBC Family Boost Mortgage
Family members can provide financial backing without being listed as co-owners, helping first-time buyers step onto the property ladder with family support.
Skipton Track Record Mortgage
This deposit-free option rewards renters with a solid payment history, eliminating the need for a traditional down payment.
Government Schemes
First Homes Scheme
This scheme offers first-time buyers discounts of 30%-50% off the market price of selected new-build homes. Aimed at local buyers and key workers, it ensures affordability while prioritising those most in need of housing assistance.
Shared Ownership
Buyers can purchase a 25%-75% stake in a property while paying rent on the remaining share. Over time, they can "staircase" and increase their ownership share, eventually owning the property outright.
Lifetime ISA (LISA)
Buyers can save up to £4,000 annually, with a 25% government bonus added (up to £1,000 per year). These savings can be used toward a home deposit, making it a valuable tool for disciplined savers.
Mortgage Guarantee Scheme
Buyers with just a 5% deposit can access government-backed mortgages, broadening their options for securing a home loan.
Right to Buy and Right to Acquire
These schemes offer council or housing association tenants the chance to purchase their homes at discounted rates, helping long-term tenants become homeowners.
Other Benefits
Stamp Duty Relief: Stamp duty rules have changed multiple times over the years, often offering benefits for first-time buyers. To find out the latest available reliefs and thresholds, check the government website or use our stamp duty calculator
Reduced Deposit Requirements: Deposits as low as 5% ease financial barriers for new buyers.
Local Authority Schemes: Tailored homeownership support for local residents or key workers.
Cashback Mortgages: Financial perks to help cover moving costs during the home-buying process.
Scenarios to Watch Out For
Not everyone qualifies for first-time buyer benefits. If you’re buying with someone who already owns property or have inherited a share in one, these factors could impact your eligibility. That’s why it’s vital to talk to an expert.
Start Your Journey Today
Whether you’re just starting to think about buying or ready to take the plunge, our team is here to help. Contact Barrett Mortgages for a no-obligation chat to explore the exclusive products and benefits waiting for you.waiting for you.
Unlock a range of exclusive mortgage products and benefits designed to make buying your first home easier, more affordable, and stress-free.
At Barrett Mortgages, we pride ourselves on offering exclusive mortgage products tailored specifically for first-time buyers. Our team has access to deals that aren’t available on the high street, which can translate into lower interest rates, flexible terms, or even higher borrowing limits. These benefits can make it easier for you to secure your dream home sooner than expected.
We also help navigate government schemes, such as the First Homes Scheme or Shared Ownership, which are designed to make homeownership more accessible and affordable. Our advisors are here to guide you through these options and find the scheme that best fits your situation.
Understanding your financial boundaries is essential, which is why we offer personalised affordability calculations. Our experts will assess how much you can borrow and clearly outline all related costs, such as legal fees, surveys, and any applicable stamp duty exemptions. This ensures there are no surprises along the way.
When you’re ready to make an offer, we can secure a decision in principle on your behalf. This gives you confidence and strengthens your position when negotiating for your future home.
Throughout the entire process, our team is committed to providing expert guidance. Whether it’s demystifying confusing jargon or liaising with solicitors, we’ll handle the complexities, so you can focus on the excitement of becoming a homeowner.
Common Questions from First-Time Buyers
How much deposit do I need to buy my first home?
The amount depends on the property price and lender requirements. Typically, you’ll need at least a 5% deposit, but having 10% or more can give you access to better mortgage rates. Government schemes like the Mortgage Guarantee Scheme can help if you only have a small deposit.
What are the additional costs involved in buying a home?
In addition to your deposit, you’ll need to budget for costs like solicitor fees, surveys, stamp duty (if applicable), and moving costs. Some lenders offer cashback mortgages to help offset these expenses.
Can I afford the monthly repayments on a mortgage?
This depends on your income, outgoings, and the mortgage amount. Lenders assess affordability carefully, and our advisors can help calculate your maximum loan amount and provide a decision in principle so you know what’s realistic.
Are there any government schemes to help first-time buyers?
Yes, schemes like the First Homes Scheme, Shared Ownership, and Lifetime ISAs are designed to make buying your first home more affordable. These can provide discounts, lower deposits, or financial incentives.
What if I don’t have a deposit saved?
There are options, like deposit-free mortgages (e.g., Skipton’s Track Record Mortgage) for renters with a good payment history. Alternatively, family-backed mortgages, such as Barclays Springboard, might help you buy without a deposit.
Exclusive Products and Benefits for First-Time Buyers
Nationwide Helping Hand Mortgage
This standout product allows first-time buyers to borrow up to six times their income, ideal for those with a stable employment history. It requires a 5- or 10-year fixed rate and is available to employed or fixed-term contract workers.
Barclays Springboard Mortgage
Buyers can purchase a property without a deposit. Instead, a family member provides 10% of the property’s value as security in a savings account, offering flexibility and security for new buyers.
HSBC Family Boost Mortgage
Family members can provide financial backing without being listed as co-owners, helping first-time buyers step onto the property ladder with family support.
Skipton Track Record Mortgage
This deposit-free option rewards renters with a solid payment history, eliminating the need for a traditional down payment.
Government Schemes
First Homes Scheme
This scheme offers first-time buyers discounts of 30%-50% off the market price of selected new-build homes. Aimed at local buyers and key workers, it ensures affordability while prioritising those most in need of housing assistance.
Shared Ownership
Buyers can purchase a 25%-75% stake in a property while paying rent on the remaining share. Over time, they can "staircase" and increase their ownership share, eventually owning the property outright.
Lifetime ISA (LISA)
Buyers can save up to £4,000 annually, with a 25% government bonus added (up to £1,000 per year). These savings can be used toward a home deposit, making it a valuable tool for disciplined savers.
Mortgage Guarantee Scheme
Buyers with just a 5% deposit can access government-backed mortgages, broadening their options for securing a home loan.
Right to Buy and Right to Acquire
These schemes offer council or housing association tenants the chance to purchase their homes at discounted rates, helping long-term tenants become homeowners.
Other Benefits
Stamp Duty Relief: Stamp duty rules have changed multiple times over the years, often offering benefits for first-time buyers. To find out the latest available reliefs and thresholds, check the government website or use our stamp duty calculator
Reduced Deposit Requirements: Deposits as low as 5% ease financial barriers for new buyers.
Local Authority Schemes: Tailored homeownership support for local residents or key workers.
Cashback Mortgages: Financial perks to help cover moving costs during the home-buying process.
Scenarios to Watch Out For
Not everyone qualifies for first-time buyer benefits. If you’re buying with someone who already owns property or have inherited a share in one, these factors could impact your eligibility. That’s why it’s vital to talk to an expert.
Start Your Journey Today
Whether you’re just starting to think about buying or ready to take the plunge, our team is here to help. Contact Barrett Mortgages for a no-obligation chat to explore the exclusive products and benefits waiting for you.waiting for you.
