This could be a great time to buy your first home as lenders offer ever-better loans and property prices stagnate. Here is a more in-depth look at why now might be the perfect period to take your first step on that elusive property ladder.
Lowering Mortgage Rates
Average high-LTV mortgages are seeing interest rates fall, meaning that you might be a great position if you are seeking a high loan-to-value product that could see you borrow as much as 95 percent of the cost of the home you want to buy.
Today’s rate stands at around 3.23 percent, while last year it was around 3.95 percent on a 24-month fixed-rate loan. You can read more about fixed-rate mortgages at https://www.express.co.uk/finance/personalfinance/1141876/mortgage-rates-fixed-rate-cheap-variable.
Weakening Housing Market
If your dream is to get to a stage where you are looking for conveyancing solicitors London, or wherever you are in the country, then the weakening housing market could provide the stepping stone that you need.
You could be instructing a company such as https://www.samconveyancing.co.uk/Conveyancing-Solicitors/Conveyancing-Solicitors-London in no time at all if you choose to take advantage of a market where March figures released by the Royal Institute of Chartered Surveyors (RICS) show weak sales figures.
The number of properties entering the market dropped for eight consecutive months after September 2018, placing first-time buyers without a downward chain reliance in a great position. There is nothing more attractive to vendors wanting to avoid delay than first-timers who already have a mortgage arranged and want to move quickly.
Help to Buy ISAs
This government scheme will end in November this year, and so first-timers are flocking to set up their accounts before their opportunity runs out. This is done with a £1,000 deposit and then up to £200 a month afterward.
The scheme offers first-time buyers the chance to save tax-free and will earn you a 25 percent bonus from the government, with a limit of £3,000 a person. This means that if you are in a couple and manage to save £24,000, you could benefit from a £6,000 boost from the government. It is worth noting, however, that you cannot use this money until you have completed the purchase of your home, and so it is no use as a deposit before you have completed.
