Budget boost for first time buyer mortgages

Friday, 12th March, 2021

The Chancellor, Rishi Sunak, handed the UK some positive news last week (particularly those in the market for first time buyer mortgages) after announcing that ‘generation rent’ is to be replaced by ‘generation buy’.

The claim follows the government’s decision to extend the stamp duty holiday to 30 June from what was scheduled to conclude at the end of this month. It will then be tapered from 1 July until the 30 September.

What does this mean? Well, it means that the current tax break on the first £500,000 will remain in place until 30 June. It will then be halved to £250,000 from 1 July to 30 September. Then, from 1 October, the full stamp duty measures will be put back in place.

This is, of course, good news for those who were planning on applying for a mortgage before the stamp duty holiday ends. It’s also good news for those who are currently in the process of buying a property, but who may just have completed after 31 March, which would have perhaps incurred charges that the buyer was aiming to avoid.

And, of course, the Chancellor’s decision is also likely to be welcomed by anyone looking to get a mortgage today, as it means that there is now an extra amount of time available to cover the mortgage application process and any chain-related issues that often impact the sale and purchase of a property.

So, if any of the above descriptions accurately describe you – or if the outcome of the Budget has acted as a tipping point and given you the certainty you needed to make your first – or next – move, then the next bit is simple.

If you are looking to apply for a first-time buyer mortgage, or if you simply want to take advantage of the stamp duty holiday before it ends, then contact the Complete Mortgages team on 01483 238280 or email info@complete-mortgages.co.uk.

Remember, whilst we are first time buyer mortgage specialists, we are also buy to let mortgage specialists, equity release mortgage specialists and commercial mortgage specialists, too.


Rush for first time buyer mortgages

Friday, 2nd October, 2020
first time buyer mortgages

As the wheels of the economy slow down and people begin to brace themselves for the full effects of a recession, there are a number of groups likely to be affected over the coming months. For the purpose of this article, we’re going to focus on those applying for a first time buyer mortgage (or those about to apply for a first time buyer mortgage).

Sadly, COVID-19 has impacted young people’s income and forced lenders to tighten up their mortgage lending criteria. The overall result is shrinkage in first time buyer mortgage availability.

House prices are predicted to fall in the wake of the recession, and this is likely to help make getting on the property ladder that bit easier. However, it’s those who, after many years of saving, have built a sizeable deposit that are likely to be well placed to get a first time buyer mortgage.

Regardless of your situation, the good news is that all is not lost.

As a Guildford mortgage broker and first time buyer mortgage specialist, we still have access to a good range of first time buyer mortgage products that includes low deposit mortgages – and even a few no deposit mortgages, too.

You may also find our first time buyer mortgage guide useful, which includes 13 tips for how to improve your chances of getting a first time buyer mortgage – all of which are still relevant in a post COVID-19 world. You can download it here.

Of course, if you are looking to get your feet on the property ladder but feeling overwhelmed by the news that it’s becoming harder to buy a property, then there really is no substitute for picking up the phone and speaking to one of our first time buyer mortgage experts.

The situation does seem to change on a daily basis so our advice, if you are ready to apply, is get in touch straight away and start the mortgage application process sooner rather than later.

Contact the Complete Mortgages team today on 01483 238280 or email info@complete-mortgages.co.uk. And if your mortgage requirements are less first time buyer oriented, then remember we’re also buy to let mortgage specialists and adverse credit mortgage specialists, too.