Is Now A Good Time To Buy A House

If you are looking at getting yourself onto the property ladder and buying a house then a question you may be asking is now a good time? There are a number of reasons to purchase a new property, maybe you are looking for your first home, maybe you are looking to downsize your current house, or maybe you are for a larger home for your growing family. Alternatively you may be considering the purchase of a new house as a possible investment.

In July 2020 the chancellor introduced a stamp duty holiday which caused a huge increase in demand, the holiday was extended till June 2021, but even without the saving on stamp duty fee`s the UK property market has proved to be a good investment, with it estimated that UK house prices were 3.6 times higher in 2019 compared to January 1970. It is important to note however that over the years the house prices have gone down as well as up so as with all investments their are risks.

The answer to is now a good time to buy a house really does depend on your personal circumstances, most house purchases are brought about to fulfil a need within your life, if you have had a child you may be needing a bigger property, if you are retiring you may consider downsizing and taking some of the equity out of your property to enjoy your retirement.

If you are living in rented accommodation then the purchase of a new house has the obvious advantage is the saving of the money that you would spend on rent can go towards a mortgage and working towards building up the equity in a property.

Get Help Buying A House

At First Choice we are dedicated to providing you with a mortgage solutions that are tailored to your needs. Whether you are a first time buyer, moving home, looking to purchase a buy to let property, one of our mortgage advisors could help you find the right mortgage product for your needs...

Please call us on 0800 2983000 or complete our simple online enquiry form if you would like to book a no-obligation quotation with one of our advisors.

First Time Buyers

Buying a house is one of the most important purchases you will make, we know that buying a home for the first time can be an intimidating process with many questions needing answered..

How much can I borrow? What will the repayments be? What fees do I need to pay? What if I don’t have a deposit?

Our advisors will talk you through the financial aspects of the buying process and provide you with advice from the whole mortgage market to find you the best mortgage suited to your circumstances.

Deposit
Currently mortgage lenders will lend up to 95% of the value or purchase price, whichever is the lower. This means that you will be required to put 5% deposit down and the more deposit you can produce the better deal lenders will offer.

Don’t worry if you can’t produce this size of deposit, First Choice Finance could look at alternative ways of getting you on the property ladder which include:

Shared Equity
Shared Ownership

How much can I borrow?
The majority of mortgage lenders will calculate how much they will lend based on affordability where they analyse your monthly income and expenditure, we can obtain an accurate borrowing figure based on your circumstances.

Buy To Let Mortgage

A buy to let mortgage is designed for people who want to buy a property to let out. With having access to the whole mortgage market, First Choice Finance can find the best deal for your circumstances and can also source deals for..

Student Let`s
House Of Multiple Occupancy
Buy To Let Portfolio`s

Investment
Like any investment, buy to let comes with no guarantees, but can be more reassuring for those who have more faith in bricks and mortar than the stock market.

Moving Home
Moving home can be a stressful experience – not least when trying to find and arrange the right mortgage
for your needs...

Cost Of Moving - You may move to a bigger house and require additional funds or you may downsize and lower your monthly repayments. When moving home it is important to consider the additional costs for moving house.

Estate Agency Fee`s
Legal Fee`s
Stamp Duty
Survey/Home Report Cost`s
Lender Fee`s
Should I Stay or Should I Go?

If you are moving home you can often port your existing mortgage over to your new house. First Choice Finance can compare this option with other mortgage deals from the whole market to ensure you get the best possible deal available to you.

Is Now A Good Time To Sell A House

Often in the UK we find the property market is a sellers market, but if you are selling a property and the house prices are high then those saving may be impacting when reinvesting that property into another house.

Mortgages & Remortgages 8.4% APRC. Representative Example: Borrow £120,000 over 25 years at 5.99%, £778.86 pcm fixed for 3 years at 60% LTV. Then at 8.75%, £974.86 pcm, variable for 22 years. Total payable £286,416. Total cost of credit £166,416 (including: £985 broker fee, £999 lender fee & £164,432 interest)

Late repayment can cause you serious money problems. For help, go to moneyhelper.org.uk

Established In 1988. Company Registration Number 2316399. Authorised & Regulated By The Financial Conduct Authority (FCA). Firm Reference Number 302981. Mortgages & Homeowner Secured Loans Are Secured On Your Home. We Advice Upon & Arrange Mortgages & Loans. We Are Not A Lender.

First Choice Finance is a trading style of First Choice Funding Limited of 54, Wybersley Road, High Lane, Stockport, SK6 8HB. Copyright protected.