Many wannabe home buyers rejoiced across the country last week at the news that stamp duty for first-time buyers has been abolished with immediate effect on all homes up to £500,000 inside of London, and £300,000 outside of London.
Although some critics have warned that this may actually push up house prices because first-time buyers will be able to bid more competitively. For most hopeful homeowners, the removal of stamp duty for first-time buyers is welcomed and expected to shave an average of £1,739 off the stamp duty bill for homes priced at £211,980.
Mortgage lenders over the past few years have also massively increased support for first-time buyers by introducing products with no fees, cashback incentives and specialist products tailored to customers who are being gifted their deposit in cash or equity by a close family member.
View our mortgages for first-time buyers guide for more information.
We can even help first-time buyers to get a mortgage if they’re self-employed with only 1 year’s accounts or have a less than perfect credit profile.
For a free no-obligation chat with a member of our team, call us today on 01702 533 400 or request a call back.
