
Copyright © 2023 Adviser Pro
All Rights Reserved.
Copyright © 2023 Adviser Pro
All Rights Reserved.
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.
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.
The effects of the credit crunch and the continued financial uncertainty globally means that mortgages may still be difficult to find and we believe borrowing criteria is likely to remain stringent. There are, though, still a significant number of lenders to choose from, and we will search the market to find a mortgage appropriate to your requirements.
There are actually some advantages to being a first time buyer. Interest rates are currently very low, and first time buyers are more appealing to sellers because they are not in a chain.
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.
In April 2013, the Government rolled out the first phase of a new Help to Buy scheme, which offers 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 applies 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.
Call us now or use our mortgage enquiry form and we'll be delighted to assist you.
Read lessCompany address: Accuma Financial Planning Ltd, Suite F8 Moulton Park Business Centre, Redhouse Road, Northampton, UK, NN3 6AQ
T: 01604 497577 E: accuma@accumafp.com
Accuma Financial Planning Ltd is an appointed representative of Quilter Financial Services Limited and Quilter Mortgage Planning Limited, which are authorised and regulated by the Financial Conduct Authority. Quilter Financial Services Limited and Quilter Mortgage Planning Limited are entered on the FCA register (www.fca.org.uk/register) under reference 440703 and 440718.
The information and content within this website is subject to the UK regulatory regime, and is therefore targeted at consumers based in the UK.
Registration details:
Suite F8, Moulton Park Business Centre Redhouse Road, Moulton Park, Northampton, United Kingdom, NN3 6AQ
Registration number: 10135415
Registered in: England & Wales
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