The mortgage market continues to change rapidly, though thankfully the volatility that followed the disastrous ‘mini’ Budget in September 2022 has largely settled down. The changes led to uncertainty for some first-time buyers over the affordability of a new home. However, at Inland Homes our team cautions against making assumptions when it comes to buying a new property and would recommend that you seek independent financial advice in the early stages of your buying journey.
We work with a range of independent financial advisors so that you can discuss any affordability concerns. The advisors can provide general advice on getting mortgage-ready, from paying off any debts to boosting deposit savings, as well as advice on the latest mortgage products, offers and requirements.
Financial advisors can also provide specialist advice on products such as the Government’s Lifetime ISA, which delivers a bonus of 25% on savings of up to £4,000 per year, to help you grow your deposit.
Recent Stamp Duty changes may also mean that homes are more affordable for first time buyers. The changes that came into force from September 2022 ensure that you are exempt from Stamp Duty on properties up to £425,000. You then pay only 5% Stamp Duty on the portion of the property costing between £425,001 and £625,000. This can represent a saving of thousands so, again, independent financial advice should be sought as early as possible to gain a clear picture of affordability.
If you would like to be referred to a financial advisor to discuss how best to afford a new home, all you need to do is get in touch.