What are the advantages of a first-time home buyer?

If you are a first-time home buyer it can be daunting to venture into the unfamiliar territory of buying a property because there may be many things you may not know but you will certainly be eager to know about it. Are you going through this stage? Don’t worry because you can get the help of reliable Brighton estate agents who are ready to offer their service to first-time home buyers like you. 

From the start to the end of your home-buying journey they will be there with you to help you understand the challenging process related to a home purchase and also tell you the advantages you can enjoy as a first-time buyer. 

Do you want to know about the advantages you can enjoy as a first-time home buyer? Have a look. 

  • Explore different financial options 

As a first-time buyer, you can find several financing options that will help you buy a home. There are a lot of schemes for you that will make the home buying far easier for you. For instance, there are equity loans offered for first-time buyers with just a 5% deposit. These benefits are not available for those purchasing second, third or fourth homes so you can find out about the many Government backed schemes with the assistance of estate agents and they will help you benefit from them. 

  • Stamp Duty relief 

When you are buying a property you will be charged with stamp duty for covering the cost of the legal documents related to the transactions. You have to pay the stamp duty based on the total price of the property within each tax band but as a first-time home buyer, you don’t need to pay the stamp duty for the property worth up to a specific amount. You can know about all the details related to the stamp duty from the estate agents if you have any doubts about it. 

  • Quick process

It is comparably easier for a first-time home buyer to buy a property because you don’t need to worry about a home you need to sell before buying a new property which can be the case for a second-time home buyer. You can just start to look for a property, find a property, buy it and throughout the process, you can enjoy a stress-free journey that will only end with the ultimate satisfaction of you finding your dream property. 

  • Choose shared ownership 

First-time home buyers are eligible to opt for a shared ownership mortgage when buying a property. It means you buy a share of the property to own it and the property seller or landlord will own the rest of the property. You have to pay rent to them until you buy all of the property and own it completely when the time is right for you. This is a scheme you can take advantage of as a first-time home buyer if you find it challenging to pay the mortgage and the deposit payments for the property you want to buy. 

  • First homes scheme  

If you are a first-time home buyer, you can benefit from the First homes scheme that will enable you to buy a home for 30% to 50% less price than its market value. This means you can buy your first home for a discounted price and the home you are buying can be a newly built one by a developer or a home you are buying from a homeowner who bought it using the same scheme. 

You may have to know about the vital eligibility criteria to become eligible for this scheme so you can speak with the local estate agents to understand it better.  

  • Great mortgage deals 

There are mortgage guarantee schemes for first-time home buyers which you can take advantage of because they can make your home-buying process hassle-free in terms of mortgage payments. You can find more competitive mortgage deals from mortgage lenders because of this scheme as it reduces the risk for the mortgage lenders when they are offering the 5% mortgages for first-time home buyers who have not saved large deposit amounts. 

Know about the first-time home buyer benefits 

If you want to enjoy the advantages of a first-time home buyer, you can contact the estate agents operating in the neighbourhood to know about it. They will share with you all the latest updates about the schemes and plans available for you so you can benefit from them and have a smooth journey in buying your dream home. 

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