First Time Buyers

Welcome First Time Buyers! 

If you are thinking about purchasing your first home, it can be a daunting task and feel like a bit of a minefield.  You are not alone with these thoughts and you have come to the right place!  We understand it is an exciting time and a lot to think about.  Our aim is to help you through the whole process from finding out how much you can potentially borrow to getting those keys in your hand! 

 

Mortgages for First Time Buyers

As one of the biggest financial commitments you will ever make it is important to understand the process and ensure you receive the best advice on products that are best suited to your needs and circumstances.  

As part of our job, we are here to help you get onto that property ladder.  With constantly changing lending criteria and government schemes there may be options available to you that you did not know about.  

Why Carnegie Mortgage & Protection?

Flexible

We cover all parts of UK. Face to face and telephone appointments are available.

Trustworthy

Best deal for the client that suits their needs and circumstances, we are not affiliated to any one lender.

Comparisons

Whole of market mortgage advice.

Getting on the ladder

As a first-time buyer you are in a great position from the fact that you have no chain due to having no previous property to sell and interest rates are currently low.

The first steps to help you get onto the property ladder are:

  • SAVE, SAVE, SAVE – The bigger deposit you have the better.  Depositing monthly amounts into a savings account can also help to prepare you for the monthly outgoings you will endure once you have a property of your own.
  • Work out a budget and speak to a mortgage adviser – As mortgage advisers we will look at your incomings, outgoings and deposit amount allowing us to give you an indication of how much you could potentially borrow.
  • Have your paperwork ready – As part of the mortgage process you will need various documents such as ID, payslips or SA302’s and tax year overviews for self-employed, bank statements and P60s to name a few.  It is a good idea to ensure you have these available and are in date (ID).
  • Happy house hunting!!

Government Help

There are government schemes available to assist first-time buyers in purchasing their first property.  

 

First Home Fund

One of the current schemes is The First Home Fund, available in Scotland.   This is a Scottish government scheme that allows first time buyers to apply for up to £25,000 towards their first property.  The property can be either a new build or one from the open market.  This scheme requires a minimum 5% deposit.  The scheme is due to re-open on 1st April 2021. 

 

Low-cost Initiative for First Time Buyers (LIFT)

The Lift scheme is aimed at people who are unable to afford the full price of a property.  The scheme is a Scottish Government Scheme that contributes between 10% and 40% towards the price of a property on the open market.  An example would be if you could afford £100,000 from the deposit you have and the amount of mortgage a lender is willing to lend, however the house you have seen is £120,000.  You could use the lift scheme to borrow an extra 20% and once you sell the property the Scottish Government would receive 20% of the sale price. 

 

Help to Buy Scheme (Scotland) – Smaller developer scheme.

This scheme allows you to buy a new build home without having to fund the full amount of the purchase price and receive assistance from the Scottish Government. 

 

You will be required to fund at least 85% of the property purchase price through a Mortgage and deposit.  The Scottish government would hold the remainder of the percentage after you had paid your contribution under what is called a shared equity agreement.  

 

This scheme is available until March 2022 and the maximum property purchase price is £200,000. 

 

For more information on schemes available to first time buyers and options to allow you to get on the property ladder please do not hesitate to get in touch.  We would be delighted to be with you every step of the way on your exciting journey, from the very first contact that is made to getting those keys in your hands.  We are here and always happy to help. 

Region Price cap for Help to Buy homes April 2021 to March 2023
North East £186,100
North West £224,400
Yorkshire and The Humber £228,100
East Midlands £261,900
West Midlands £255,600
East of England £407,400
London £600,000
South East £437,600
South West £349,000