Looking to buy your first home?
Getting yourself on the property ladder can be extremely stressful. Here at Michael
Poole, we have some expert tips to save you money and time with your step on to the
Saving for a deposit
The hardest part for all first-time buyers is saving up for the deposit; The deposit allows you to
get a mortgage to buy your home. To do this cutting down on spending and know-how
how to budget your salary. Try making your coffee, bring a lunch to work every day,
cancel unused tv or music subscriptions – small things which all add up.
Help to Buy: Equity Loan
This scheme allows first-time buyers to get on to the property ladder with only a small
deposit (minimum of 5%) by lending up to 20% of the cost of a newly built home (interest-free
free for 5 years). With this, you get full ownership of the home, but the government has
equity shares of up to 20% until the equity loan is paid off. Equity loans taken out
between January and March have slightly less interest than those later in the year. These
schemes help first-time buyers who can afford to pay the mortgage payments but not
the deposits on houses.
Stamp Duty Land Tax is charged when purchasing residential properties over 125,000.
The amount paid is calculated by looking at the property’s value and creating an amount
based on it. If you plan to buy a property worth 5000,000 or less, if both parties are first-time
time buyers, you are excluded from paying this fee.
Take a look at our buyer's guide here: Michael Pooles Buyers Guide or get in touch with your local branch for advice or guidance!