The process of buying a house in Beckenham can be a daunting one if you’ve never done it before. There are countless details to consider, hidden costs lurk around every corner, and finding a mortgage that is right for you and your circumstances can be a difficult, time-consuming process. At Mortgage & Lifetime Solutions we understand how stressful and confusing buying your first house can be, so we offer expert advice on first-time buyer mortgages in Beckenham that will help simplify the process for you.
First Time Buyer Mortgages in Beckenham
Do You Qualify as a First Time Buyer?
It may seem crystal clear to you that you are a first-time home buyer, but the government’s definition of a first-time buyer may be different than yours. To qualify as a first time homebuyer you must satisfy the following criteria:
- You cannot have owned any residential property anywhere in the world. So if you inherited a tiny cottage in the Bahamas from your great uncle you do not qualify as a first-time buyer, even if you never had a mortgage on that property.
- You cannot have owned a buy-to-let property anywhere either. Again, this includes a buy-to-let you may have inherited.
- In order to be considered a first-time homebuyer you must intend to live in the house you want to purchase. If you want to buy the property to let it out you will not be considered a first-time home buyer.
- If you are partnering with someone else to buy the house and your partner currently owns or has owned property in the past you will not be considered a first-time buyer.
Advantages of Being a First Time Buyer in Beckenham
- First-time buyers don’t have to pay any Stamp Duty on properties up to £300,000. That could save you a couple of thousand pounds.
- Because you’re not waiting for your current home to sell you can move into your new house as soon as your offer has been accepted.
- You may be eligible for the government’s Help to Buy scheme whereby the government will loan you 20% of the price of the home, meaning you don’t need to borrow as much from the bank.
Contact M&LS About First Time Buyer Mortgages in Beckenham
If you would like to learn more about first-time buyer mortgages, contact Mortgage & Lifetime Solutions by calling 020 8462 0497 or 07966 299 247. We’ll explain your options in more detail and take you through the process.
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Why not give me a call for a friendly no-obligation chat.
Please do not hesitate to contact me in the first instance on 020 8462 0497 or 07966 299247 or email robert.white@mortgagelifetime.com