First-Time buyers in the UK

Being a first-time buyer is never an easy experience and with so many options to consider it’s important to try to make the right decisions. It’s never a good time to enter the UK property market and this is certainly the case in 2010 when it’s important for first-time buyers to consider the implications of a new government. Here are a few things to consider before you start searching.

As the property market slowed down over the last two years it has been even more difficult to secure loans and to compound that the price of house deposits have skyrocketed, leaving first-time buyers stuck. To help counteract this, it is important to get advice from a professional mortgage advisor who will help find all the information you need. A mortgage advisor should help uncover information on lenders, and when choosing a lender it is important to get an "agreement in principal." This will give a good indication of the amount that can be borrowed and will help ensure buyers are taken seriously when entering the market.

Before a lender decides on the amount they wish to lend. They will first credit score the applicants and it is important for first-time buyers to understand how to achieve a decent credit score rating. Don’t go overdrawn unless your account allows you to do so and if it does then do not exceed the set limit. If you currently rent a property then ensure not to miss any payments and don’t let any cheques bounce. Being registered on the electoral role is also an important factor in determining your credit score even if you don’t plan to vote.

Increasing the stamp duty threshold to £250,000 for first time buyers, would means nine out of ten won’t pay any stamp duty.

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