According to NAEA Propertymark's current data and analysis, the Chancellor's FTB stamp duty relief is having the expected effect, as sales to the group have surged.
As a result, we thought we'd provide you with a step-by-step guide to first-time home purchase.
Check out our top advice if you're thinking about buying a new Surrey house .
Plan for a Deposit
It can be tough to come up with a large deposit, but being able to put a cash deposit down on a property has its benefits. Depending on the size of your deposit, you will be able to get better mortgage rates. At Park and Bailey, we'll go over the size of the deposit you'll require.
Remember The Additional Costs
You'll need money to cover the extra costs of buying a house. You must pay stamp duty if you are a first-time buyer and the home you are purchasing is worth more than £300,000. Mortgage arrangement fees charged by your lender should also be considered. You'll also have to pay your solicitor's legal expenses, as well as charges for a property survey and land registry fees.
Find The Right Savings Vehicles
You must develop a plan for saving. Bank and building society accounts provide more protection, but they often pay very low interest rates.
Speak To Your Family
Many mortgage lenders have packages geared at families, where parents or grandparents can assist their children in purchasing a property. Guarantor mortgages are also available, in which a family member pledges to make the payments if the borrower is unable to. Also available are combined mortgages, which are for children and parents purchasing a home together.
Check Out The Mortgage Market
While all first-time buyers have access to the same mortgage programmes, other borrowers and lenders occasionally offer exclusive deals. Furthermore, both the mortgage industry and the government have made significant efforts to develop initiatives and technologies that will assist first-time buyers in gaining access to the housing market.
Shared Ownership and Shared Equity Schemes
With a shared ownership programme, which is typically offered by housing associations, you borrow enough to purchase a portion of the house and then pay rent on the remainder. In a shared equity programme, you own the entire house but take out a loan to cover the deposit as part of the deal.
If you're seeking to buy a new home in Surrey, make sure you check out the current listings. If you require more general guidance or information, please contact our top Realtor in Surrey or visit our website.
It's my job to know about the latest market conditions, government regulations, and upcoming developments — so that you don't have to.