Many doors have been opened for first-time buyers over the last couple of months, new regulations and economical changes have indicated that there may never be a better time for first-time buyers to make the move onto the property ladder.
In December 2014 we saw stamp duty regulations change, meaning that 98% of people in the UK who pay stamp duty will now be better off. Anyone buying a home for less than £937,500 will either pay less stamp duty or the same amount*, for example:
£185K home = £1,200 stamp duty (2% of £60K) saving £650
£275K home = £3,750 stamp duty (2% of £125K + 5% of £25K) saving £4,500
£510K home = £15,500 stamp duty (2% of 125K + 5% of £260K) saving £4,900
A month later in January 2015 interest rates fell to the lowest level since 2007! The fierce competition between lenders has led to an all-out mortgage rate war meaning that two-year fixed, two-year tracker and three-year fixed rates are all at record lows**
Help to Buy figures available for all types of buyer also show that more than 80,000 borrowers of both schemes have purchased a home through Help to Buy since the government launched the first phase of the scheme nearly two years ago - 80% of the total take-up being first-time buyers.
At Bovis Homes we feel we offer many advantages for first time buyers, as well as continued support and advice throughout the whole purchasing process we offer many features in our homes that could save you thousands!
Our all-inclusive specification means that you will have a fitted kitchen with a choice of finishes plus integrated appliances meaning you may not have the added expense of an oven, hob, fridge freezer, dishwasher or a washing machine!
Bovis Homes are holding Home Buyer Events at a number of developments on the 28th and 29th March. A local estate agent and an independent mortgage advisor will be on hand to provide free advice on buying a Bovis Home.
*Taken from: http://www.telegraph.co.uk/finance/autumn-statement/11271926/Stamp-duty-calculator-how-changes-affect-you.html
**Source: Mortgage Advice Bureau, dependent on lender and type of mortgage utilised.