First-time Buyers
Are you a first-time buyer?
A first-time buyer is someone who has never owned a freehold or leasehold interest in a dwelling before and who is purchasing their only or main residence.
How much deposit do I need to buy a house?
Before you start looking at properties you will need to save for a deposit. You will need to have saved at least 5% to 20% of the home you would like to buy
For example, if you are looking at purchasing a home costing £400,000, you will need to save at least £20,000 (5%). Saving more than 5% will allow you access to a wider range of cheaper mortgages.
There are also government schemes that are in place to help first time buyers buy their first home more easily.
95% Mortgage Guarantee Scheme
Another option for first-time buyers (and current homeowners alike) is the government’s 95% mortgage scheme, which could help you to secure a mortgage with just a 5% deposit.
The scheme, which launched in April, is available on mortgages for homes up to £600,000.
The government provides lenders with the guarantee they need to offer mortgages that cover the other 95%*.
Most high street lenders are now offering 5% mortgages, including Lloyds, Santander, Barclays, HSBC, NatWest and Virgin Money.
*Subject to the usual affordability checks. For more information visit www.ownyourhome.gov.uk
Contact us
For more information please do not hesitate to contact us sales@candgprops.co.uk or via the contact form.