First Time Buyers
Buying your first home can be an exciting yet daunting experience. Our advisers will talk you through the mortgage application process and the different government schemes available to you. You will also be assigned your own dedicated mortgage administrator who will keep you up to date at every step of the application process through to completion.
Help to Buy ISA
If you save money into a Help to Buy ISA, the government will boost your savings by 25%. So for every £200 you save, you will receive a government bonus of £50, the maximum you can receive is £3,000 per person. So if you’re planning to buy a house with your partner the maximum bonus you can receive would be £6,000.
You’ll be able to open a Help to Buy: ISA until 30 November 2019. After that date they won’t be available to new savers anymore – but if you opened your Help to Buy: ISA before then you can keep saving into your account until 30 November 2029 when accounts will close to additional contributions. You must claim your bonus by 1 December 2030.
Help to Buy Equity Loan
The government will lend you up to 20% of the purchase price of your newly built home, you will only need a 5% cash deposit and a 75% mortgage to make up the rest.
Take a look at our Guide to Equity Loans
London Help to Buy
For people buying in a London borough, the government will lend you up to 40% of the purchase price of your newly built home, you will only need a 5% cash deposit and a 55% mortgage to make up the rest.
Take a look at our London Help to Buy Guide
You can buy a share of your home between 25% and 75% of the home's value with a mortgage and you pay rent on the remaining share. You will then be able to buy further shares when you can afford to.
Take a look at our Shared Ownership Guide
Other costs to consider when buying your first home:
- Mortgage arrangement
- Valuation fees
- Stamp Duty
- Solicitor's fee
- Survey cost
- Removal costs
- Buildings Insurance and Life Cover