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.
First-time Buyers Under Covid-19
Owing to economic uncertainty, many lenders have restricted their criteria, making it even harder for first-time buyers (or people with lower deposits) to access 85 or 90 percent 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
As of 8th July, the government have introduced a tax break on Stamp Duty Land Tax, meaning that until 31st March 2021, UK homebuyers will not have to pay any tax on the first £500,000 of new properties, up from £125,000. If the property is a second home or buy-to-let, you will only need to pay the 3 percent surcharge. For many people, this could reduce the cost of property purchases by thousands, however it is time limited. If you are considering purchasing a new home or an additional property, and would like to know how this could benefit you, please contact us.
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