Buying your first home can be hard to navigate; factoring in fees, finding the right mortgage and deciding where to move can feel overwhelming. Yet there are positives to investing in the current climate.
Record low interest rates have made the monthly cost of a mortgage relatively affordable for first time buyers. Changes to the Stamp Duty brackets at the end of 2014 have meant many first time buyers are paying less Stamp Duty than before – Londoners have saved £2,640 on average since the changes came in to effect. Further changes to Stamp Duty, with the 3% surcharge on additional home purchases from April 2016, are likely to benefit first time buyers as well as there may be less competition for property from part-time investors unwilling to pay the extra charge. The introduction of Help to Buy has also made it easier for first timers to purchase their own home, with equity loans, mortgage guarantees and shared ownership schemes all aimed at getting Londoners on to the property ladder.
We’ve collated KFH’s resources to help make your first purchase as easy as possible.
- First time buying – an overview.
- Our top tips for first time buyers.
- How to get the right mortgage for you.
- The costs involved when buying a property.