Buying your first home is an exciting thing to look forward to, and yet also scary because you may be unfamiliar with the property market. In recent years, more and more potential first-home buyers in the UK find that getting onto the property ladder is harder than ever and the process can feel overwhelming.
Whether you decide to apply for a Help-to-Buy ISA, a Help-to-Buy equity loan or a shared ownership mortgage, Saracens Solicitors London mortgage solicitor can help you make the best decision. Luckily, there are quite a few schemes available for first-time house buyers and below we are going to briefly introduce a few of them for you to consider.
What are my choices?
If you are in the market for your first house, your London mortgage solicitor will advise you to look into government schemes, mortgages for first-time buyers as well as packages offered by banks and building societies, which may include incentives such as cashbacks or a contribution towards your legal costs.
Should I consider Help-to-Buy?
Help-to-Buy is a UK government-supported equity loan system aimed to help first-time buyers get their first home. It covers up to 20% of the cost of a home, which means that you will only need a 75% mortgage and a 5% cash deposit. This scheme is an ideal option for individuals who do not have a lot of savings for a mortgage.
Saving for a deposit
As a rule of thumb, the more you can save for a deposit, the better will be the mortgage deal you are going to score. In general, if you are planning to buy a house at some point in your life, it is worth saving up for a mortgage.
There is no set rule for how much you can expect to pay for your first house, since location is a decisive factor when it comes to cost. However, reviewing carefully your options with your London mortgage solicitor will help you find the best deal possible.