FirstBuy gets first-time buyers on the property ladder with only a 5% deposit under George Osborne’s new scheme.
Conveyancing fees have never been more competitive; but in an uncertain property market many first-time buyers are struggling to find a foothold on the ladder. With banks offering less generous mortgage deals, home-ownership has become a distant dream for many.
Unveiled as part of George Osborne’s latest budget, FirstBuy offers first-timers the opportunity to take out a mortgage for just 75% of the cost of a property, with only a 5% deposit.
Hooray! I hear all you first-timers cry. But what’s the catch?
“Over 10, 000” buyers will be helped by this scheme, but with only £250 million in the kitty, this great-value opportunity can’t last forever – so when the scheme launches in September, those eager to benefit should act fast, and speedy conveyancing will be crucial.
FirstBuy will only apply to new-built homes in specific developments, but that won’t limit its appeal. Melanie Bien at mortgage broker Private Finance believes the scheme will be “massively oversubscribed”.
Even if you can’t wait until September to move, efficient, fast conveyancing can make all the difference between the seller choosing you, or another prospective buyer. If you want to exchange with as little fuss as possible, a reliable conveyancer is a must.