First Time Buyer

So, you have been trawling through Rightmove for weeks trying to find the right house, on the right road at the right price. Then, like magic it appears… fantastic!

But, the pressure is now on to secure its if you think it’s a great buy chances are someone else does too.  A part of this process is being able to prove to the Estate Agent who is acting on behalf of the owner that you are in a position to proceed by having a Mortgage Agreement In Principle in place. We always recommend it’s good practice to get one of these in place before you start looking, not only does it give you a head start on your competition but you will also know exactly how much you can afford and what your payments are likely to be.

Good news, we can get you one of these pronto.

Unlike many high street banks we can look at the majority of lenders (Over 80) and find the perfect fit for you and your situation. A common misconception generated by comparison websites is that the best deal has to be the lowest rate, which simply isn’t always true. There are mortgage deals out there which could offer no survey fee which is ideal if your bidding on a popular property and concerned you may be outbid at a later date, thus losing your survey fee. There are lenders that offer free legal fees which can be really helpful if money is tight or you need to keep some money back to do some modernising of your new home. Which ever lender we source, our experienced team will make sure your first step on the property ladder is the right step.

Some things you may need to consider:

1. From 21st November 2017, Stamp Duty Land Tax (SDLT) has now been abolished up to a purchase price of £300,000 in the UK for First Time Buyers. But, should your first property be worth more than £300,000 you need to remember that this tax cannot be added to your mortgage and is payable upon completion. More information on SDLT can be found here: https://www.gov.uk/stamp-duty-land-tax
2. Like SDLT legal fees and survey fees typically aren’t added to your mortgage so you’ll need to make sure you have accounted for this is your budget.
3. Be careful not approach several lenders and have credit checks (we won’t do one without your permission). This could effect your ability to secure a mortgage.
4. There are different types of mortgages, the main being Fixed or Variable Rates. Find out more here.
5. Buying your first home can take anything from 6 weeks to 18 weeks so prepare to be patient if their is a chain of homes in your purchase.

Our advisors will carry out a ‘cost of moving’ calculation to give you a idea of the fees you are likely to incur during your purchase.

Good luck!