The Outlook Is Getting Better For British First Time Home Buyers

With more choices for interest rates and a relatively new first time home buyer program, the outlook for British first time home buyers is reaching levels not seen in years. The “Help to buy” program was released in 2013 and has gained widespread popularity as more than 120,000 people have tapped into the benefits.

Essex Chronicle reports:

At last things are looking up for first-time buyers. With Help to Buy expanding and lenders giving more choice of rates, the outlook is improving for those wanting to get a foot on the property ladder.

Since Help to Buy launched in April 2013, nearly 120,000 people have used the scheme.

However, there’s now another option for buyers, explained John Lineham, director of financial services at the Beresfords Group.

“Just two weeks ago, two major lenders came out with 95 per cent mortgages,” he said. “Both Nationwide and Santander have released these mortgages and it’s the first time products like this have been seen on the market for a long time.

“This is good news for first time buyers. They can now potentially choose between Help to Buy or one of these new products, to help them get started.”

When first-time buyers come to Beresfords, they are taken through the whole house buying process, John added. “We give them a flow chart showing the chain of events so they can see which stage they are at. We also run through the costs with them so there are no nasty shocks when it comes to paying fees.”

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Director Terry Holmes said: “Obviously first-time buyers come to us with varying levels of knowledge. Our experienced team at Beresfords can adjust their advice accordingly.

“One thing that will be the same for all first-time buyers however is the need for independent financial advice,” he said. “We have independent mortgage advisers whose job it is to get the best deal for each individual. It’s important to bear in mind that the best product may not be the obvious one, and our team will explain why that is, and suggest the best one for you. Mortgages are like suits – there is not a one size fits all.”

Beresfords is also one of the few estate agents in Essex to offer live mortgage tables on their website. There is a first-time buyers tab which allows home buyers to see an overview of all the latest deals, including rates, fees, discounts and mortgage types.

First-time buyers should also be well informed about what is expected of them and how long the process could take, John explained. When the Financial Conduct Authority announced new rules last year for those taking out a mortgage, Beresfords quickly produced a booklet detailing the key changes which is given to all first-time buyers.

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