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First Time Buyers

Expert Advice for First Time Buyers

Purchasing your very first home and moving from one property to another could be considered one of the most stressful life events for any individual. Buying a home is one of the largest investments you will make and it is therefore crucial to understand the entire process, from the first initial property viewing to the day you open the door with your own key.

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First Time Buyer Best Buys

By using our free First Time Buyer / Help To buy Best Buy comparison tool below you can compare different rates  available in the current market place.

T: +44(0)20 8427 5057 E: enquiries@london-fs.com

A Few Pointers...

Here are some quick pointers to get you started....

Save

Set yourself a goal. Work out how much you need to save every month. Ensure it's affordable and achievable!

Research

Research the mortgage market. Understand the types of mortgages available and what your requirements to obtain a mortgage will be.

Budgeting

This is crucial as you need to know how much money you have coming in and what your fixed monthly costs are.

Family

Speak with family (mum and dad, siblings) and see their thoughts and opinions. Especially if they are already on the property ladder.

Credit Report

Lenders will have access to your credit file, so you NEED to know what they can see.

Speak to a Broker

Speaking to a broker earlier on in the journey will help you with research and also allow you to ask questions and become confident when applying.

First Time Buyer Schemes

Quick Enquiry

Help To Buy

The Help to Buy (HTB) scheme was introduced by the government as a way of allowing first-time buyers of new build properties to borrow up to 20% of the property’s value in England or 40% of the property’s value in London. The loan is directly paid from the government and the capital is paid back when the property is sold or you are able to re mortgage to raise funds to repay the HTB loan.

Help to Buy - England

The HTB Equity Loan scheme is available for new build properties with a purchase price of up to £600,000 in England. The government will lend up to 20% of the cost of a brand new residential property, meaning that only a 5% deposit is required alongside a 75% mortgage from a lender who provides products for the help to buy scheme.

The government loan is interest-free for the first five years from completion, after which there are costs to consider. From year 6, there is a fee of 1.75%, then RPI plus 1% per annum.

Help to Buy ‐ London

The scheme offers a higher government contribution for homes in London. The Government introduced a London-only version of Help to Buy in February 2016, available across all Greater London Boroughs. Again, 5% personal deposit is required with the Government providing a HTB loan of 40% - the scheme works the same as the nationwide scheme.

With Help to Buy ‐ London, there are no loan fees charged on the 40% loan for the first five years of purchasing the property, apart from a nominal monthly £1 per month fee.

HTB Equity Loan and HTB London ‐ who can apply?

The Help to Buy scheme is available to first-time buyers or homeowners who want to sell their existing property and move, but would like to buy a brand new home with a purchase price of up to £600,000. You are only able to have one property in your name on completion.

Mortgage Affordability

Although the scheme requires a minimum deposit of 5%, you would still need to meet the affordability calculations for both the mortgage lender and Help To Buy.

It is advisable to speak with a mortgage broker before you start to look at properties, to understand how the scheme works and what options you have based on your circumstances and affordability. This saves you time later down the line and you know what your budget is for the property.

Shared Ownership

YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE OR ANY OTHER DEBT SECURED ON IT

 
* The Financial Conduct Authority does not regulate some forms of buy to let, secured loans, commercial finance, bridging finance, overseas or offshore mortgages and will writing.
 
Your initial mortgage consultation is obligation free. We charge an administration fee for processing each mortgage contract and our fees only apply when you decide to proceed with an application. For standard residential mortgage contracts the typical fee of up to 1% of the mortgage loan applies of which £500 is payable on application with the balance payable on offer . For buy-to-let mortgages a typical fee of up to 1% of the mortgage loan applies of which £500 is payable on application with the balance payable on offer. For offshore and commercial mortgages a typical fee of 1% of the mortgage loan applies of which £1000 is payable on application with the balance payable on offer. For impaired credit lending the typical fee is 1% of the mortgage loan applies of which £500 is payable on application with the balance payable on offer. The overall cost for comparison is 5.5% APR. The actual rate will depend on your circumstances. Ask for a personalised illustration. The advice and/or guidance contained within this website is subject to UK regulatory regime and therefore is restricted to consumers based in the UK.
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