First Time Buyer
If you are a first time buyer then look no further for your mortgage. We understand how daunting buying a house for the first time can be, and as a result we offer a leading first time buyer mortgage advice service and fantastic mortgage rates. We ease the stresses of being a first time buyer!
First Buy Scheme
SDLT Relief for First Time Buyers
Glossary
The world of mortgages can be somewhat confusing with so many different terms being used such as First Buy scheme, SDLT relief, fixed rate, tracker rate, Bank of England Base Rate, Lenders LIBOR, the list is seemingly endless! Within the residential mortgage section of our website you'll find lots of information to help you understand all these terms including a jargon-busting glossary. And if you're still not sure, simply call one of our specialist mortgage advisers on 0845 148 9163 who will be pleased to provide help with no obligation to proceed. We are committed to helping first time buyers make informed home-buying decisions.
To make the home-buying experience even easier we will allocate you with one specific consultant who will get to know your mortgage needs and requirements. When you phone us they will know exactly who you are, and what is going on with your mortgage case. So you can rest assured that your mortgage handling is in safe hands.
To get started, use our simple mortgage calculator as this will give you a basic insight in to how much you will be able to afford to borrow. We can also arrange very competitive house insurance and life insurance cover, so the whole process of buying a house is made and as stress free as possible.
First Buy Scheme
Announced in the March 2011 Budget, the First Buy scheme is designed to help 10,000 first-time buyers purchase a newly built flat or house.
Essentially the scheme is all about helping first time buyers on low incomes achieve a deposit of 25 per cent. The buyer will have to put down five per cent, while the government and home-builder will both lend 10 per cent in the form of a low-cost loan.
The scheme is available for those with joint incomes of less than £60,000 and the loans will be interest-free for five years and then charged at around 1.75%, rising by 1% above inflation each following year. It will be funded by the Department of Communities and Local Government and the house builder.
Talk to one of our specialist advisers today to see if you qualify for the First Buy scheme. Call 0845 148 9163.
SDLT Relief for First Time Buyers
First time buyers of residential property can apply for Stamp Duty Land Tax relief if all of the following apply:
• the effective date is on or after 25 March 2010 and before 25 March 2012
• the consideration given is £250,000 or less
• the buyer intends to live in the property and it will be their only or main
home
• they have not previously owned property or land either in the UK or
anywhere else in the world - including property bought with anyone else
This means that from 25 March 2010 to 24 March 2012 inclusive the threshold for qualifying first-time buyers of residential property is £250,000.
The relief is not available for any of the following:
• non-residential or mixed use property
• leasehold property with a lease of less than 21 years
• SDLT payable on rent for leasehold properties
(relief applies only to the premium)
• properties that are treated as linked transactions for SDLT purpose
- unless it's to do with the same property, eg a separate lease on a garage
• shared ownership schemes where the payment is made in stages
(but the relief can be claimed if a market value election is made)
• one of the buyers is a first-time buyer but someone buying the property
with them has owned residential property before
Please note that this scheme is under review. In the March Budget 2011, it was revealed that the Government will announce the outcome of its review in the autumn 2011.
For more information and for general advice on your first time buyer mortgage requirements request a "Call me Back" or phone today on 08451 489 163 or why not look at our discounted rate residential mortgages or fixed rate mortgage pages. It's also important to think of your mortgage protection cover when thinking of taking out a mortgage. In addition to our residential mortgages we can offer you market leading Buy to Let mortgages, commercial mortgages and property development finance.
