With house prices as high as they are it is very difficult for first time buyers to get on the ladder now. Getting together enough money for a deposit, stamp duty, solicitors fees and valuation fees is almost impossible in London and South East.
We find that most first time buyers have help with some of these costs from family because with rents as high as they are, and living costs going up, it takes too long to save enough money. The new policy on stamp duty will be a big help as there is now no cost for buying your first home up to £300,000, and a lower cost up to £500,000.
Also more and more lenders are offering free valuations and cashback to first time buyers which further reduces the upfront costs. Interest rates are still very low despite the recent bank base rate rise and a mortgage is often cheaper than renting in our area.
If you need any advice on first time buyer mortgage please give us a call on 01444 443439.