The housing market can be daunting for first-time buyers, but there is government support for those new to the property ladder. This is aimed to help you to get on track financially and put you on the path to your happy ever after.
If you have saved a 5% deposit when applying for a mortgage, you may be eligible for the government’s Help to Buy scheme. The government loans a further 20% (40% for London) towards your final deposit for a new-build home costing up to £600,000. This loan will remain interest-free for the first five years, with the sixth year seeing an interest rate of 1.75% added to the repayments. This interest rate will then see an addition of 1% and will be subject to inflation.
The government is also offering a Help to Buy ISA, which could see a savings top-up of between £400-£3,000 depending on the initial pay-in.
Types of mortgages available to first-time buyers include:
Your property may be repossessed if you do not keep up repayments on your mortgage.
This firm usually charges a fee for mortgage advice. The amount of the fee will depend upon your circumstances and will be discussed and agreed with you at the earliest opportunity.
At Aston & Co we have the experience and the know-how to help first-time buyers find the best mortgage deal to suit you and your budget. Our friendly and professional advisors are on hand to guide and support you in your choices. Contact us today to discuss your needs and pave the way to your happy-ever-after.