03/03/2021
Is it finally time to buy Your Perfect Home??? 🏡
Two massive pieces of news for anyone looking to buy a property in the near future, have been confirmed today as part of Rishi Sunak’s budget. 💸
The return of the Government’s backing on 95% Help to Buy purchases
This is much needed help for struggling first time buyers, although the help to buy offer isn’t limited just to first time buyers. With house prices soaring, due mainly to the stamp duty relief, the return of mortgages where you only need a 5% deposit will be a massive boost for everyone wanting to get on the property ladder. For more information go to helptobuy.gov.uk or get in touch with us - [email protected] 01142669017
Stamp Duty Relief Extension.
The eagerly awaited extension to the stamp duty relief has been confirmed! The pressure of completion before March 31st has been removed, meaning you still have plenty of time to benefit. The new date to benefit from the relief up to 500k is now the end of June with further relief up to 250k till the end of September.
In our – very recent – experience there are some things you need to consider if you are wanting to take advantage of the cut.
1) Be quick – if you haven’t got your property on the market get it on now. If you think it would be better with work done to it, you probably don’t have time so it’s better to go with it as it is so you don’t miss the boat. If you haven’t found a property, again you need to be clear and decisive. Vendors and estate agents will work better with people who are upfront about their budget and ability to purchase.
2) Speak to a mortgage adviser (Hello!) to determine not only a) what you can borrow but b) how much that is going to cost you per month. The first figure is the one you use when searching for property, and the second one is for you to keep in mind when viewing properties. Unless you’re a surveyor you probably won’t know exactly how much is wise to set your offer at, but you will know what your monthly budget is and what you are willing to pay per month for the property you are looking at.
3) Research conveyancing solicitors – some may not take you on due to existing workload, others may take you on but charge you more because they’re really busy. Establish who is going to be able to get you to completion by the end of June!
4) Be honest – if you don’t know what your credit score is or if your income stacks up, provide your credit file and proof of income and outgoings to your chosen mortgage adviser early in your process. What you deem to be something unimportant may stop you borrowing the amount you require, but if we have the full picture it will speed everything up so that you receive the best advice and service possible.
5) Breathe – jumping up and down and getting over excited/stressed/worried will not speed anything up and may end up leaving you out of pocket. Things take time, a good adviser will walk you through the process and give you timescales at each stage by which you will hear more news.
Whatever your situation when you find Your Perfect Home, as always, we are here to help find Your Perfect Financial Solution. [email protected] 01142669017
