FIRST TIME BUYER

For such a term, first time buyer have been an important audience for estate agents. Still, as the business has faced increased economic and political headwinds, this group has become increasingly important. They can make up more than half of all sales in some new home developments, especially in the UK, due to rapid Stamp Duty changes that eliminated the tax for most first time buyers and the generous Help to Buy scheme.

First time home buyers also have been a driving force behind house sales in general, rising by 85% since 2010, similar to an 8% increase for those moving up the property ladder. In addition, first-time buyers accounted for 36% of all housing sales and 14% of all new home sales last year.

How First Time Buyer Services Important

• Stamp duty:

You will be paying stamp duty when purchasing a residential house. It is supposed to offset the expense of the transaction’s legal papers.

Within each tax band, stamp duty is charged on a sliding scale depending on the overall price of the land. You won’t have to pay stamp tax on properties worth up to £300,000 if you’re a first time buyer. So, if you were buying a £200,000 home, stamp duty would cost you about £1500. You don’t have to worry about this if you’re a first-time customer!

• Speedier process:

You’re ready to move in once your deal on a property has been accepted. You don’t have to wait for your current home to sell, unlike a second stepper. You won’t have to rely on anyone else to move the process forward, which will reduce some of the stress and pressure.

• Buying Assistance

Of course, we couldn’t mention Help to Buy without considering it. You only need a 5% investment of the overall value of the property you want to purchase under the government-backed policy. The government will loan you 20% of the purchase price, and you will be responsible for the remaining 75%.

You’re in luck if you’re a first time buyer who isn’t planning on purchasing a house in the next year or so. The new system will continue until 2021, after which a new scheme will begin in 2023 that will only be available to first-time buyers.

How Can “Ask Financial Services” Help You?

You don’t have to find it out on your first time home buyer mortgage. For 1st time buyers, we provide mortgage advice and guidance at any step of the application process. That isn’t everything we do, too. We’re not your usual broker. We locate the right mortgage for a 1st time home buyer, complete and administer the application, communicate with the lender, arrange insurance, and recommend you to a lawyer – all before arranging the removal service and helping with bill setup.