Buying your first home is something you are unlikely to forget and it can be both exciting and daunting all at the same time. You will only ever be a first-time buyer once in your life and the decisions you make now will decide a lot when it comes to your medium and long-term future. At Huxley Mortgage Services we aim to take away the stress to allow you to enjoy this special milestone in your life.
"Huxley’s made buying our first home stress free! Jack & the team were always on hand to answer any questions we had and we always prompt coming back to us. Would highly recommend and will 100% use again. Thanks Michael, Jack, Harry & Nina for all your help, much appreciated."
When you are caught up in all the excitement of choosing your first home, it is easy not to pay too much attention to the mortgage deal you might be getting.
Getting the right mortgage deal is critical to your financial future, therefore it is important to pay close attention to the interest rate you will be paying on your mortgage loan and the monthly payments.
If you opt to look for a mortgage on the high street, you will find there are hundreds of banks and building societies with thousands of mortgage products available. From fixed rates to tracking rates and discounted rates, it can be hard to get your head around it all.
Banks and building societies will only tend to offer you what is convenient and sadly sometimes they may not offer you enough money to buy your dream property or refuse applications altogether.
Fortunately, by using an independent whole of market mortgage broker, if there is a first-time buyer mortgage product available for you, we’ll find it. Our qualified advisors will not only help you make sure you are looking in a realistic price range but also find out if the monthly payments will be affordable for you.
At Huxley Mortgages we will be your guide to getting the best mortgage deal available. Call one of our advisors today for more information.
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A first-time buyer is someone who is purchasing a house for the very first time and doesn’t already own (or hasn’t previously owned) property before. Couples qualify as first-time buyers, so long as neither person owns (or has owned) a house in the past.
If you’re buying your first house and own (or have owned) commercial property such as a shop, bar or restaurant, you still qualify as a first-time buyer, provided that the commercial property has never had living quarters attached to it. The realm of first-time buyers refers only to residential properties.
Who isn’t a first-time buyer? If you’re buying your first house but you’ve inherited a house or someone has bought a house for you, you don’t qualify as a first-time buyer, even if you’ve never technically bought a house before. You also lose first-time buyer eligibility if you’re planning to rent out the house you’re buying (what’s known as buy-to-let).
Getting a mortgage (particularly your first mortgage) is a huge financial decision that requires careful thought, research and number-crunching. It’ll have a huge impact on your financial future, which is why it’s important to seek expert advice before making a decision. Huxley Mortgage Services are Cheshire mortgage brokers who can guide you through the entire process and find the first-time buyers mortgage that’s right for you.
Getting a mortgage for the first time can be a complicated and daunting process. In order to get approved for a mortgage, you’ll be assessed by a lender and you’ll need to convince them that you’re able to repay your mortgage. You can use our mortgage calculators to see how much money you’ll be able to borrow and how much your monthly repayments will be.
Here’s what you need in order to be approved for a mortgage as a first-time buyer:
As a first-time buyer, there are a wide range of mortgage options available to you. Which mortgage you choose depends on how much you’re borrowing, your preference of paying the interest and your attitude towards risk.
First, you need to decide how you want to pay the interest on your mortgage. You can pay this in four different ways:
Once you’ve decided how you want to repay your mortgage, you then need to think about what type of interest rate best suits you. You can choose between a fixed rate that stays the same for a set period of time, or a variable rate that fluctuates, meaning you might pay less interest one month, but you may end up paying more interest another.
There are a wide range of mortgages to choose from, including:
As a first-time buyer seeking a mortgage, you get access to certain benefits that other borrowers don’t. This mainly involves help from Government schemes and policies, including:
+ 0% tax on the first £125,000.
+ 2% tax on the portion from £125,001 to £250,000.
+ 5% tax on the portion from £250,001 to £925,000.
+ 10% tax on the portion from £925,001 to £1.5 million.
+ 12% tax on the portion above £1.5 million.
Stamp Duty Relief offers discounts and more flexible tax bands for first-time buyers. For first-time buyers, the Stamp Duty tax rate looks like this:
+ 0% tax on the first £300,000 of your house.
+ 5% tax on the remainder up to £500,000 (the portion from £300,001 to £500,000).
If your house is worth more than £500,000, you won’t be eligible for Stamp Duty relief and will pay the standard tax.
Making your first step onto the property ladder can be a daunting and confusing process. You’re only a first-time buyer once in your life and the decision you make will play a huge impact on your financial future, so it’s important that you make an informed decision. That’s where Huxley Mortgage Services come in.
We’re a mortgage brokers in Cheshire with a team of experienced, friendly and knowledgeable advisors who are here to help you find the right mortgage for you. We’ll sit down and discuss your situation to find the best first-time buyer mortgage based on your circumstances.
Huxley is an independent, whole of market brokers with access to over 140 lenders, meaning we have a wide range of options to choose from. Thanks to our strong connections, we can offer you exclusive mortgage deals you won’t get by going straight to lenders.
At Huxley, we pride ourselves on our excellent customer service. We’ll explain everything in an easy-to-understand fashion while guiding you through the process of securing your first-time buyer mortgage. Our red carpet service will make a potentially stressful time for you as a first-time buyer as smooth as possible.