A first-time buyer traditionally is known as someone who has never owned a property either in the United Kingdom or overseas. Some lenders will classify you as a first-time buyer if a certain period of time has passed since you last owned a property, however, the majority of lenders will work from the traditional definition.
Typically first-time buyer mortgages will only apply to a residential property, however, there are lenders who will lend to you on buy to let properties too if your first purchase is for rental purposes.
There are many things to be aware of when purchasing your first-time buyer mortgage; rest assured we are here to help you with every step to ensure you have complete peace of mind and are at ease with what can be a daunting process! Find the best first-time buyer mortgage deal with Weystone Financial.
We are often asked if there are any benefits you will receive or can take advantage of when acquiring a first-time buyer mortgage. For the most part, the answer is yes.
In recent times, the government has implemented various stamp duty incentives that would mean a first-time buyer would either pay a discounted rate of stamp duty and in some circumstances, no stamp duty at all.
First-time buyer mortgage lenders too often provide incentives, which include, but are not limited to, reductions in setup fees, cashback options, assistance with conveyancing fees and also higher loan to value mortgages, whereby you can benefit from depositing a smaller amount than would be required, had you purchased a property previously.