We have put together some essential reading to start your journey on the property ladder. Our First Time Buyer articles cover everything from conveyancing solicitors to removals. We have also provided a quick reference glossary with information on all the different stages of buying a home.
Top tips for first time buyers to know what to look out for when viewing potential homes
It is a dream for most young couples and professionals to take their first steps onto the property ladder - let us help you save for that house deposit
For first time buyers the opportunity to finally make an offer on the house of your dreams is one you will grab with both hands.
Unless you are in the position of having received a substantial windfall or inheritance, then you are unlikely to be in a position to buy a property outright using your own finances. For most people, buying their first home means getting a mortgage.
As you set out on your home-buying journey you will come across references to properties being either “freehold” or “leasehold.” We explain the difference between these options and what they mean to you as a buyer.
Incentivised mortgages are a great way for first time buyers to step onto the first rung of the property ladder
When the time comes to start searching for your first home you will have to decide whether to purchase a newly built property or an existing older home
In the current financial climate first time buyers are finding it increasingly difficult to get on the property ladder.
For first time buyers looking to purchase property in London, there are a number of government-supported schemes aimed at making it easier for people to get on the property ladder.
One of the most important decisions when you are looking to buy your first home is working out whether you can afford it – and that doesn’t just mean keeping up the monthly mortgage repayments.
Market conditions have undeniably made it tougher for first time buyers to get a foot on the property ladder in recent years. After the financial crisis hit the UK finance sector, lenders across the board tightened up their lending criteria, with most new mortgages requiring homebuyers to put down a deposit of at least 20 per cent.
While the government’s Mortgage Guarantee scheme has opened up a new range of 95 per cent mortgages for those looking to buy a new home, most mortgages on the market at the moment – and certainly many of those with more attractive rates – are still restricted to a much lower loan-to-value threshold, such as 75 or 80 per cent lending.
London’s property market presents unique challenges to those looking to buy their first home, with high house prices making it difficult for many would-be homebuyers to save the necessary deposit or meet mortgage lenders’ affordability criteria.
In recent years it has become more difficult for first time buyers to get on the property ladder, and it has to be acknowledged that the situation for would-be buyers in London has become particularly problematic, with high house prices – and risk-averse mortgage lenders – often putting properties beyond the average first time buyer’s ability to afford.
When the government announced its Help to Buy scheme in 2013, it introduced two new initiatives – equity loans and the mortgage guarantee – aimed at helping both first time buyers and home movers looking to purchase a property. The Help to Buy mortgage guarantee is no longer available, however first-time buyers can look to the Help to Buy ISA and the Lifetime ISA for help when it comes to saving for a house deposit.
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