First Time Buyer
Buying your first home is an exciting prospect, but figuring out how to get onto the property ladder can feel overwhelming.
Whether it’s a Help-to-Buy ISA, Help-to-Buy equity loan or a shared ownership mortgage, there’s plenty out there to help you on your way.
Over recent years there has been a steady increase in the number of people purchasing their first home.
There is a range of government schemes designed to help first time buyers, equally, there is a thousand of mortgages on the market all of which are theoretically available to first time buyers.
Banks and building societies also package specific deals for first time buyers, which may include incentives such as cashback, low fees or some contributions towards legal costs.
Help To Buy?
Help-to-Buy is a government-backed equity loan scheme designed to help first-time buyers get a foot on the property ladder. It covers up to 20% of the cost of new-build homes, which means that you’ll only need a 75% mortgage and a 5% cash deposit, however please note that this 20% is government funded and will need to be paid back within the agreed terms.
For people who don’t have a lot of savings, Help-to-Buy can be a great option.
You can use a Lifetime ISA to buy your first home or save for later life. You must be 18 or over but under 40 to open a Lifetime ISA. You can put in £4,000 each year, until you are 50. The government will add a 25% bonus to your savings, up to a maximum of £1,000 per year.
At Magnum Financial Solutions, we have considerable experience in dealing with customers looking to buy their first home. This experience places us in the ideal position to secure the most suitable mortgage options based on your specific needs. We have access to over 50 of the best know lenders, we can locate exclusive deals that are otherwise unavailable on the high street or online.
Things to remember? – Do you need life insurance?
Any questions you may have, our experts are on hand to make things easier for you.
We will guide you through the process and find you the most suitable deal for you.
Call us today: 01282 421 022
Your home may be repossessed if you do not keep up repayments on your mortgage.