There are lots of solutions to help First Time Buyers get their first foot on the property ladder to remove the seemingly gigantic step of buying their first property.
We guide First Time Buyers through the process from start to finish and utilise our experience and access to the following schemes to help make the dream of home ownership a reality:
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Most lenders will allow part or all of the deposit to be gifted by a family member (or friend) which gives a helping hand with one of the biggest hurdles to owning that first property.
Launched last year with great fanfare, this type of mortgage allows you to purchase without any deposit based on your track record of paying record. It is the perfect solution should building a deposit be proving difficult.
A government-backed scheme allowing easier access onto the property ladder. Instead of purchasing the whole property, only a share is purchased which can normally be increased (staircasing) at a later date. Bear in mind that rent is paid on the remaining share which can affect affordability.
Another government-backed scheme whereby certain lenders will allow a deposit as low as 5%. This is normally restricted to applicants with higher credit scores.
Some lenders will allow a higher level of borrowing for First Time Buyers, normally subject to a minimum income level. This allows more choice for people buying their first home and means you may be able to borrow more than you think to secure your first property.
For aspiring homeowners struggling to meet affordability, this allows family members to join the mortgage to boost borrowing potential whilst not jointly owning the property.
If you think any of the above might be able to aid you in unlocking your home aspiration dreams, discuss with us today by clicking here:
LEGAL INFORMATION
Latitude Finance Ltd is an Appointed Representative of BrokerSync Ltd, which is authorised and regulated by the Financial Conduct Authority (1031981).
There may be a fee for Mortgage Advice. The precise amount will depend upon your circumstances and will be agreed upon following your initial meeting.
Equity Release, Investments, Pensions, Wills, Trusts, PMI and Estate Planning will be referred to our authorised third-party providers. Latitude Finance Ltd and BrokerSync Ltd are not responsible for any advice received from the third-party providers.
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.
Conveyancing, Wills, and some forms of Buy-to-let Mortgages and Commercial Mortgages are not regulated by the Financial Conduct Authority.
Think carefully before securing other debts against your home. Your home may be repossessed if you do not keep up repayments on a mortgage or other debt secured against it.
The guidance and/or advice contained within this website is subject to the UK regulatory regime and is, therefore, primarily targeted at consumers based in the UK.
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