2 minutes
2 minutes
2 minutes
2 minutes
to read
to read
to read
to read
Thursday 17 September 2020
Thursday 17 September 2020
Thursday 17 September 2020
Thursday 17 September 2020
Taking the first step onto the property ladder can feel overwhelming, especially with so much conflicting advice available. That’s where we come in. Our advisors are here to make the process straightforward and hassle-free. From the initial consultation to securing your mortgage, you’ll have the same advisor supporting you every step of the way.
The Importance of a Larger Deposit
One of the key factors in obtaining a mortgage is your deposit size. Here’s why a bigger deposit makes a difference:
Easier Mortgage Approval: Lenders see a larger deposit as added security. They consider potential challenges, such as starting a family or experiencing periods of reduced income, when reviewing applications.
Lower Monthly Payments: A bigger deposit reduces the amount you need to borrow, making your repayments smaller and more manageable.
Improved Affordability: With less to repay, your property becomes more affordable in the long term.
Government Help-to-Buy Schemes
First-time buyers may benefit from government Help-to-Buy Schemes, particularly when purchasing new-build homes. These schemes work by:
Allowing buyers to contribute just a 5% deposit.
Providing a government loan of up to 20% of the property’s purchase price.
Requiring a mortgage for only the remaining 75%.
This support can make it significantly easier to secure your first home.
Budgeting for Moving Costs
Buying a home involves additional costs beyond the purchase price. Be sure to budget for:
Stamp Duty: You may be liable for this tax depending on the property’s price.
Solicitors and Surveyors Fees: Cover the cost of legal and structural assessments.
Moving Costs: These vary based on factors like distance and the size of your move.
Unforeseen Expenses: Set aside funds for any unexpected repairs or improvements you may need after moving in.
Get in Touch Today
If you’re ready to start your journey to homeownership, we’re here to help. Contact us today to learn more about our first-time buyer services and how we can secure the best mortgage deal for you.
Taking the first step onto the property ladder can feel overwhelming, especially with so much conflicting advice available. That’s where we come in. Our advisors are here to make the process straightforward and hassle-free. From the initial consultation to securing your mortgage, you’ll have the same advisor supporting you every step of the way.
The Importance of a Larger Deposit
One of the key factors in obtaining a mortgage is your deposit size. Here’s why a bigger deposit makes a difference:
Easier Mortgage Approval: Lenders see a larger deposit as added security. They consider potential challenges, such as starting a family or experiencing periods of reduced income, when reviewing applications.
Lower Monthly Payments: A bigger deposit reduces the amount you need to borrow, making your repayments smaller and more manageable.
Improved Affordability: With less to repay, your property becomes more affordable in the long term.
Government Help-to-Buy Schemes
First-time buyers may benefit from government Help-to-Buy Schemes, particularly when purchasing new-build homes. These schemes work by:
Allowing buyers to contribute just a 5% deposit.
Providing a government loan of up to 20% of the property’s purchase price.
Requiring a mortgage for only the remaining 75%.
This support can make it significantly easier to secure your first home.
Budgeting for Moving Costs
Buying a home involves additional costs beyond the purchase price. Be sure to budget for:
Stamp Duty: You may be liable for this tax depending on the property’s price.
Solicitors and Surveyors Fees: Cover the cost of legal and structural assessments.
Moving Costs: These vary based on factors like distance and the size of your move.
Unforeseen Expenses: Set aside funds for any unexpected repairs or improvements you may need after moving in.
Get in Touch Today
If you’re ready to start your journey to homeownership, we’re here to help. Contact us today to learn more about our first-time buyer services and how we can secure the best mortgage deal for you.
