Stepping Onto The Housing Ladder As A First Time Buyer Is Easier Than You Think
Don't let finding a deposit and arranging a mortgage as a first time buyer put you off searching for your dream of a new home in a fantastic location.
Stepping onto the housing ladder and purchasing your first home can be more achievable than you initially think – with a little forward thinking and financial planning, says Linden Homes East Yorkshire.
The house builder has a number of first time buyer friendly homes at its developments around the region.
Sales manager Julie Hubbard said: “With a large percentage of customers being first time buyers, we recognise some of the hurdles they may face throughout their house buying journey and do our utmost to make sure the process is as smooth as possible for these and all our purchasers.
“This ranges from helping them to secure the best mortgage deals through the experts we use, to incentives to help to curb the cost of moving – often leading to the customer being able to buy more property for their money.”The main incentive is Help to Buy - here’s how it works:
- Help to buy is available on new build homes up to £600,000
- Purchasers need a minimum five per cent deposit.
- All homebuyers could be eligible, not just first-time buyers.
- The government will lend you up to 20 per cent of the value of your new build property through an equity loan, which can be repaid at any time or on the sale of your home. This loan is not available on second hand homes.
- Buyers will only need to secure up to a 75 per cent mortgage from a bank or building society.
And there are other tips and tasks to consider when thinking about securing a mortgage and getting onto the housing ladder.
- Get as organised as possible prior to applying for a mortgage. Documents that lenders usually ask for include; passport, proof of deposit, proof of residence, bank statements and pay slips from the last three months, latest P60.
- Ensuring that you are registered on the electoral roll will increase your credit score.
- If you are saving for a deposit, try and cut back on your spending – perhaps forgo the odd luxury of a takeaway or using taxis to get home from a night out.
- Understand your costs. If buying a new home, your developer will be able to advise you on stamp duty or any management costs which may apply to your new home. They will also be able to advise you about the benefits of government schemes, like the popular Help to Buy incentive.
Stepping onto the housing ladder can be easier than you
think. Pictured is a typical Linden Homes East Yorkshire
first time buyer home.
05 May 2017
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