With mortgage approvals increasing month on month , and schemes such as Help to Buy and the changes to stamp duty making buying a home all the more affordable, now is the perfect time for first-time buyers to take that all-important first step onto the property ladder.
Buying your first home can be a daunting process and many rookie house-hunters find all the information and questions quite overwhelming. That’s why Crest Nicholson and The New Homes Group has put together these helpful tips to make securing that first dream home in Telford easier and more cost effective.
1. Have your paperwork ready before you start looking. To avoid any delays in the buying process, make sure you have all the relevant paperwork at hand. These can include: photo ID, bank or Building Society statements, utility bills, credit card statements and proof of income, pension and deposit funds.
2. Use a mortgage broker. When you speak to a lender, they will only discuss their own products and deals. By using a broker, you can get specialist advice on the many lending options available to you, as well as help to create a realistic budget planner.
3. Check that you have enough funds to cover deposit and fees. Aside from having a deposit, it’s important to make sure you have enough funds available to cover the fees that come with mortgage applications and legals. It’s worth speaking to a mortgage broker to obtain an Agreement in Principle so you have an idea of your borrowing potential – it’s better than being disappointed later if you can’t borrow enough or could have borrowed more.
4. Check if you are eligible for the ‘Help to Buy’ scheme. Help to Buy is the Government-backed scheme which enables people to buy a new home at 80% of the purchase price with just a 5% deposit. The remaining value of the house is covered by a loan which is interest-free for the first five years. Crest Nicholson has helped many home-buyers access the scheme in Telford and will be able to talk you through the application process from start to finish.
5. Visit the property several times. If you’re a first-time buyer, this will be the biggest purchase you have ever made. Visit the property several times – not only will you get a better idea of what it would be like to live there but you could also manage to build up a relationship with the sales team on site. For peace of mind in taking such a big decision, this is highly recommended.
Tim Ridges, Senior Sales Manager at Crest Nicholson, said: “There’s a lot of advice available out there for house-hunters, but by keeping these simple tips in mind, people will be ideally placed to move onto and up the property ladder. We appreciate how confusing and time-consuming finding and securing your new home can be so we want to help people in the Telford area as much as possible.
“Lightmoor Green has a wide range of quality properties on offer. The mix of one, two, three and four bedroom homes is ideal for first time buyers, professional couples, young families, investors and those downsizing from a larger home. We would encourage homebuyers to visit the site’s impressive show home and see for themselves what this great development has to offer.”
Using Help to Buy, prices at Lightmoor Green currently start from £99,996 for a two bedroom coach house with garage and £139,196 for a three bedroom semi-detached house.