As a first time buyer it can seem daunting as you set out to purchase your first home. We aim to make your first purchase as affordable and pain free as possible.
With the Government’s recent announcement regarding 95 percent loan-to-value mortgages, many potential homebuyers who have been excluded from the property ladder owing to the size of their deposit may finally find themselves in a position to secure their dream home. The scheme will feature the UK Government effectively serving as a guarantor for part of the loan, giving lenders the confidence to offer borrowers more. In these uncertain times, lending criteria and rates are shifting constantly, meaning now, more than ever, the guidance of a mortgage adviser is imperative. If you’re wondering what your options are now, and whether or not the new scheme would benefit you, please contact us today.
Owing to economic uncertainty, previously (and still) many lenders have restricted their criteria, making it even harder for first-time buyers (or people with lower deposits) to access 85 percent or higher loan-to-value (LTV) mortgages. Because of this, it is more important than ever to rely on professional advice in order to purchase your dream home. Our advisers here at Bigmores are up-to-date with all the latest developments, and will be able to help you find the right lender in trying times.
Stamp Duty Holiday
Originally planned to end on 31st March 2021, the Stamp Duty Land Tax holiday introduced by the Government will now remain until the end of June. This means until 30th June 2021, any purchases completing on or before this date will be free of Stamp Duty on the first £500,000 of a new purchase. Buy-to-let/ second property purchases will still incur the 3% surcharge. Beyond this date, a tapered rate will apply: from 1st July 2021 until 30th September 2021, the nil rate band will be £250,000 – meaning an effective saving of £2500 – before returning to the standard nil rate band of £125,000 from October 2021 onwards. If you would like to make use of this incentive whilst it is still available, we’d encourage you to contact us re beginning the home buying process as soon as possible, as there is unlikely to be a further extension to the scheme.
We will offer you advice and assistance from the first point of contact to
- How to make an offer on your dream first home
- Researching the whole of mortgage market for the best possible product
- Making a recommendation as to the most appropriate mortgage product for your circumstances
- Completing all the paperwork for you (even though we know how much you would prefer to do this yourselves!)
- Recommending a solicitor
- Liaising with the lender to ensure that your mortgage is offered as quickly as possible
- Keep you informed on the progress of your mortgage application on a regular basis
- Ensure that all protection and insurances commence at the appropriate time