First Time Buyers
Buying your first home is a big step and one of life’s great experiences, but it can also be hard work and very daunting. Understanding all the ins and outs involved and the different mortgages available can be a mine field. Planning and preparation is key.
Speak to one of our mortgage advisors who will explain everything in a clear and friendly way to help guide you onto the property ladder and make the process as easy as possible. Here at Prime we have a wealth of experience and we are well placed to guide you through the process of getting onto the property ladder. We are totally focused on helping you.
First time buyers find it ever harder to secure their own home
It is estimated that a quarter of house buyers in the UK live with their parents, and many think it necessary to do so for a few years to save up a hefty deposit. In many cases larger deposits are needed. Numerous hurdles await people who are wanting to get on the property ladder. More and more people want to move back to the family home to improve their personal savings and the deposit is the biggest barrier.
Many an expert will say that first-time buyers are the driving force behind the housing market, and that much needs to be done to support them. An undecided Brexit outcome provided for an uncertain housing market until January 2020. No doubts Covid-19 put the brakes on, not just on the housing market but everywhere else as the UK economy was impacted greatly. You will be pleased to know that things are returning to normal. Actions of first-time property buyers affect the higher end of the housing chain.
Top class first time buyer mortgage advice
Property / estate agents and mortgage companies are beginning to review the process of buying a house for first time buyers to make the process somewhat easier. Options under consideration are:
- longer fixed mortgages,
- more affordable housing and less stringent mortgage criteria.
These are just two ideas being discussed to make it easier to arrange a first time mortgage.
The National Association of Estate Agents
The NAEA has looked at ways to simplify the whole property buying process. First-time buyers can hold back from making offers so they can maximise their budget to get the house they want. One way the NAEA says this can be achieved is to change LTV mortgages – by moving them from high interest rates to a lower value rather than a more fixed rate. Restructuring of stamp duty for example, has ensured that people will pay less property tax.
The Process of buying a house for the first time buyer
Travel and time costs to view houses and for house searching. Legal fees, investor fees, removals and broker fees.
- Find out how much you can borrow
- Start looking for houses
- Arrange property viewings
- Make an offer
- Agree the sale
- Find a Lawyer
- Finalise mortgage application paperwork
First time buyer – the day of completion
Completion can happen in a couple of weeks after a sale has been agreed. However, it can also take a few months. Circumstances aren’t always the same when a property is bought or sold. The funding for the house purchase is paid to the seller on the day of completion. Then you can pick up the keys from the estate agent and move into your new home. Following that, you are free to design, decorate and enjoy your new home.
Start your house buying journey with Prime
Buying a house for the first time is an exciting time, but it can also be nervous time consuming and frustrating trying to find the right mortgage. It can take up a lot of your time and expense. Prime Financial Solutions and Mortgages Ltd is an established mortgage broker and life insurance provider, based in the centre of Wigan, Greater Manchester. We are respected and recognised by the FCA and we can help you to find the best possible solutions in the shortest amount of time. Contact Prime today to book a free consultation.
To find out more you can contact us by email firstname.lastname@example.org and by phone 01942 665436 or you can use our quick contact form. You can visit us at Rodney House, King Street, Wigan WN1 1BT. If you would like to complete a quick online application for Life Insurance you can go straight here to get your free quote.