If you are a first-time buyer, you should look for as much help as you can find when buying a home. There are schemes to assist these buyers, but some of these schemes are changing.
Any first-time buyer looking to make an informed decision about the type of home they should buy should get in touch with Residential London. We are pleased to say we have assisted many first-time buyers in the capital, and we are here to help you.
What help are you looking for?
The current Help To Buy Equity loan scheme is coming to an end on the 31st of March 2021. This is also the same date the stamp duty holiday is expected to end.
From the 1st of April 2021, there will be a new scheme in place, and this will only be available to first-time buyers.
With this scheme, the Government will provide an equity loan for 20% of the cost of the new build property. This enables the first-time buyer to purchase the home with just a 5% deposit, and a 75% mortgage.
With many would-be buyers saying the size of deposit required to buy a home is a sizable barrier to buying property, this is a level of assistance that many first-time buyers will significantly benefit from.
Reasons why first-time buyers will consider a new-build home
With support in place for first-time buyers to purchase a new-build home, it is important for first-time buyers to determine if they want to buy this sort of property. There will be many first-time buyers who would rather buy an established property.
However, there is a range of reasons why a new build property appeals, and given the assistance on offer, many new buyers will consider moving into this style of property.
Personal taste is always crucial when considering what home you wish to move into. With a new build property, you have more chance to taking control of how your home looks. You also don’t need to worry about correcting the errors or mistakes of previous owners.
Moving into a new build property removes the concern of a property chain. First-time buyers already hold an advantage in the housing market in that they don’t need to sell a house before they buy one. When you add this to the new build property builder or developer not being part of a chain, there are fewer things to worry about with this property transaction.
Most new build properties are finished to high standards. This is a great comfort for many buyers, as it means they have fewer things to worry about. If you are spending a lot of money on your first home, you are unlikely to have a sizable budget for repair or maintenance work. With a new build property, you don’t have to worry about that.
If you have any questions or queries about the housing market, it is best to call on experts for support. We are still available to help you, while following social distancing guidelines, so feel free to contact us if you need to. We can arrange a free valuation for you, and if is this of interest, please contact Residential London today.
We have a team of qualified professional property consultants specialising in real estate across the capital. We are active in Westminster, The City of London, Kensington & Chelsea, Hammersmith & Fulham, Wandsworth, Lambeth, Islington, Southwark, Tower Hamlets, Greenwich, Newham, Hackney and many more London locations.
You can call us on +44 (0)20 3733 3817 or email us on info@simonkyriacou.co.uk
Read our article Questions You Should Ask when Buying a New Build
