Are you a first-time buyer looking for a mortgage? We’re a team of independent mortgage experts, based in Newcastle-Under-Lyme and serving clients in the wider Staffordshire area, including Stoke-on-Trent. Buying your first home can be an enormous financial commitment, so you need to make sure you take out a mortgage that’s suited to your individual requirements. Call one of our independent first-time buyer mortgage advisers today on 01782 346 491.
Mortgages for First Time Buyers
The prospect of buying your first home could be both daunting and confusing. Our aim is to guide you through the transaction from start to finish so that you understand exactly what the purchase entails and how much it will cost. We can recommend the services of local solicitors to assist in this process. This maybe the largest financial transaction you are ever likely to make so it must be done with clarity.
Prior to the credit crunch, the property market moved very fast which led to significant increases in property prices. This made it very difficult for many people to afford to buy a home, particularly for first time buyers.
The credit crunch of 2007 saw property prices drop considerably in many regions of the UK, making housing more affordable. However, since the 4th quarter of 2013, we have seen an improvement in the housing market and house prices have started to rise again.
Getting on the property
As we have access to many lenders we are well placed to assist you, however these days it is a necessity to provide a substantial deposit in order to get a mortgage (although there are a number of 95 per cent mortgage deals around), and you may be eligible for further assistance from the Help to Buy Scheme.
Help to Buy Scheme
Help to Buy: Equity Loan 2021 -2023
In April 2013, the Government rolled out the first phase of a new Help to Buy scheme, which offeres equity loans to first time buyers (as well as existing homeowners) by providing borrowers with a loan for 20% of the property value. This scheme applied to new build properties only, and with the purchaser being required to put down as little as 5% as a deposit, a mortgage of only 75% would be needed from a lender.
This scheme is available in England only until 2020. Different variations to the Help to Buy scheme apply in Wales and Scotland. For more details visit the government website.
A MORTGAGE IS A LOAN SECURED AGAINST YOUR HOME. YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE OR ANY OTHER DEBT SECURED ON IT. TAX PLANNING ADVICE IS NOT REGULATED BY THE FINANCIAL CONDUCT AUTHORITY.
We serve clients in Newcastle-Under-Lyme, Stoke-on-Trent and the wider Staffordshire area. If you’re a first-time buyer and you’re looking for sound advice on mortgages, call one of our experts today on 01782 346 491. We’re a team of independent specialists and we can advise you on first-time buyer mortgage options to suit your individual requirements.
