More help for first time buyers is announced by Philip Hammond. In the drive to stimulate the housing market the government has announced that Stamp Duty will be abolished for first time buyers for all purchases up to £300,000. Together with the Help to Buy equity loan scheme and the renewed government drive for increased house building indicates a real willingness to help first time buyers to purchase a property.
This can mean a saving of up to £5,000 in stamp duty, which is a substantial cost involved in buying your first home. With a number of lenders willing to offer mortgages with only a 5% deposit and a real willingness to accept gifted deposits, purchasing your first home has never been easier. Some mortgage lenders are also offering free valuations and cash backs, again more savings.
With the renewed drive for developers to build more new properties the Help to Buy equity loan scheme is becoming even more attractive. With this scheme the buyer only has to put down a minimum 5% deposit. The government will provide an equity loan of up to a further 20% of the purchase price, meaning the applicants only have to qualify for a 75% mortgage or less. The big advantage of this is if the mortgage loan is only 75% you will qualify for for lower interest rates, lower monthly payments and are more likely to fit the lenders affordability criteria. The Help to Buy scheme has some conditions attached which must be fully understood before proceeding. Apart from speaking to your Westexe mortgage adviser, this web site https://www.helptobuysw.org.uk/Default/HelpToBuy is very helpful.
The definition of a first time is that you must not have owned a property in the past and that your name is not associated with the ownership of any other property. This applies to either a single purchaser or to both purchasers if it is a joint purchase.
Westexe Mortgage are very proud to have helped many satisfied customers to purchase their first properties, you only have to look at our testimonials https://www.westexe-mortgages.co.uk/testimonials/ to understand the real value we offer. We offer choice from the whole market and our up to date sourcing system will ensure you receive the best possible mortgage to suit your needs.
So please do not hesitate to contact us or request a call back for free unlimited mortgage advice without any obligation.