The best advice and tips for First time buyers in Newark-on-Trent Nottinghamshire, looking to get on to the property ladder
When looking to buy your very first home, don’t feel alone there is financial government help out their, for first time buyers in Newark-on-Trent Nottinghamshire, who are planning to get their foot on to the property ladder this year
If you are a first time buyers in Newark-on-Trent Nottinghamshire, getting on to the property ladder can be very exciting and very nerve-racking experience at the same time, which is clearly understandable considering the bills and monthly repayments to be paid for your dream home
When thinking of buying your dream home as first time buyers in Newark-on-Trent Nottinghamshire, will need to consider and think through the costs of using a professional house removals company, solicitors fees, estate agent fees, stamp duty, and all the other bills you will incur once you have purchased and moved in to your new home.
The Government help to buy scheme covers first time buyers and people and families moving into a new build property that is only bought from a help to buy building firm.When using this type of scheme you will not be able to sub-let the property at all.
First time buyers in Newark-on-Trent Nottinghamshire will be eligiable to choose a new property for you or your family in a price range of up to £600,000.
All first time buyers in Newark-on-Trent Nottinghamshire will need to make a deposit on the property of up to 5%.
The Government will provide you with a loan on your property of up to 20% of the actual asking price.
Now you will need to speak with your bank to arrange a mortgage for the further 75%.
In the 5 years of moving into the property you will not be charge for any loan fees at all.
]In the 6th year of living in your new home you will have to make additional payments of 1.75% on the value of your loan.
After this by the 7th year you will have to make further payments as the fees will rise yearly.
To check how your fees rise and increase every year you will have to check the Retail Prices Index.
For first time buyers in Newark-on-Trent Nottinghamshire you will be able to sell your home at any time you feel, the equity will need to be paid once your house is sold, or at the end of your mortgage.
When first time buyers in Newark-on-Trent Nottinghamshire use this type of scheme, you will only be able to buy a new build property from a registered help to buy building company. Your local estate agents will have a list of help to buy new build properties, for all first time buyers in Newark-on-Trent Nottinghamshire.
The Government has launched 4 different types of schemes to help you to gain your foot on to the property ladder these include:
Help to Buy Equity Loans
New Build Buy
Help to Buy Mortgage Guarantees