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Mortgages for first time buyers

Hey there. I'm looking into buying my first home and I need a mortgage. Are there any first time buyer benefits I can get?

Asked on Jul 11 2016, New Homes in London | Report content

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  • Hello Devin, If you're a first time buyer then you could be eligible for a Help to Buy scheme. You can find out more in the articles below, both on government schemes for first time buyers, and our advice on buying your first home. Many thanks, Dan

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    Answered on Jul 12 2016, Report content
  • Buying your first home can be one of the most exciting (and nerve-wracking) experiences in your life, and you might find yourself asking “can I really afford to do this?”. Luckily, there are certain benefits and schemes when it comes to mortgages for first time buyers, giving you that all-important helping hand onto the property ladder. One way to build up your savings and eventually secure a better mortgage is to open a Help to Buy ISA account, this way, the government will contribute with 25% of your total savings up to a maximum payout of £3,000. You can also try a shared ownership scheme, where you’ll take a mortgage out just on the share that you’ll own. Alternatively, you can open a LISA account (a lifetime ISA). With a LISA, you can save up to £4,000 each tax year, again the government will add their 25% at the end of each year (up to £1,000), and these funds can be withdrawn tax-free to buy a property worth up to £450,000. Just remember, the best way to get ahead of the game is to build a decent credit history and make sure you’re in a steady job so that the better mortgage rates are more readily available.

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    Answered on Mar 27 2018, Report content

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