2 minutes
2 minutes
2 minutes
2 minutes
to read
to read
to read
to read
Thursday 25 June 2020
Thursday 25 June 2020
Thursday 25 June 2020
Thursday 25 June 2020
Buying your first home is an unforgettable experience, often filled with excitement and uncertainty. While the process truly begins once you’ve found a property you love, careful planning—especially when it comes to your deposit—can make a world of difference.
Why a Bigger Deposit Matters
Increased Lender Confidence:
Lenders view a larger deposit as a sign of reduced risk.
They take into account potential challenges like periods of reduced income or disposable income, which might occur if you start a family or face unexpected financial changes.
Lower Monthly Repayments:
A larger deposit reduces the amount you need to borrow, leading to smaller, more manageable monthly payments.
This can give you greater financial flexibility and peace of mind.
Government Support for First-Time Buyers
The Help to Buy Scheme is a valuable tool for first-time buyers, especially those looking to purchase new-build homes. Here’s how it works:
Buyers need to provide at least a 5% deposit.
The government will lend up to 20% of the property’s value (40% in London).
This means you only need a mortgage for the remaining 75% of the purchase price.
Additionally, the Mortgage Guarantee Scheme can be used for both new-build and preowned properties, helping buyers secure a mortgage with as little as a 5% deposit.
The Importance of Professional Financial Advice
Speaking with a qualified financial advisor can make all the difference during the house-buying process. Advisors can help you:
Assess your financial situation.
Understand the best mortgage options for your circumstances.
Plan for future financial goals related to your new home.
A well-informed financial strategy is a solid foundation for achieving your dreams of homeownership and building a stable future.
Ready to Take the Next Step?
Buying your first home doesn’t have to be overwhelming. With the right advice, careful planning, and government schemes designed to support first-time buyers, you’ll be well on your way to achieving your goal. Contact Barrett Mortgages today to explore your options and take the first steps toward owning your dream home.
Buying your first home is an unforgettable experience, often filled with excitement and uncertainty. While the process truly begins once you’ve found a property you love, careful planning—especially when it comes to your deposit—can make a world of difference.
Why a Bigger Deposit Matters
Increased Lender Confidence:
Lenders view a larger deposit as a sign of reduced risk.
They take into account potential challenges like periods of reduced income or disposable income, which might occur if you start a family or face unexpected financial changes.
Lower Monthly Repayments:
A larger deposit reduces the amount you need to borrow, leading to smaller, more manageable monthly payments.
This can give you greater financial flexibility and peace of mind.
Government Support for First-Time Buyers
The Help to Buy Scheme is a valuable tool for first-time buyers, especially those looking to purchase new-build homes. Here’s how it works:
Buyers need to provide at least a 5% deposit.
The government will lend up to 20% of the property’s value (40% in London).
This means you only need a mortgage for the remaining 75% of the purchase price.
Additionally, the Mortgage Guarantee Scheme can be used for both new-build and preowned properties, helping buyers secure a mortgage with as little as a 5% deposit.
The Importance of Professional Financial Advice
Speaking with a qualified financial advisor can make all the difference during the house-buying process. Advisors can help you:
Assess your financial situation.
Understand the best mortgage options for your circumstances.
Plan for future financial goals related to your new home.
A well-informed financial strategy is a solid foundation for achieving your dreams of homeownership and building a stable future.
Ready to Take the Next Step?
Buying your first home doesn’t have to be overwhelming. With the right advice, careful planning, and government schemes designed to support first-time buyers, you’ll be well on your way to achieving your goal. Contact Barrett Mortgages today to explore your options and take the first steps toward owning your dream home.
