A handy guide to buying a bigger home
Feel confident in your decision to take the next step up the property ladder and find your dream home.
Read below to learn why now’s a great time to make your move...
Competitive mortgage rates
With lenders competing in the marketplace, mortgage rates remain competitive.
However, borrowing may not remain this attractive forever. By getting a mortgage on a bigger home now, you could take advantage of low interest rates to buy the house you’ve always dreamed of. And if you fix your mortgage repayments, you’ve got the added reassurance of knowing what your repayments will be, even if the base rate goes up.
Property values have been going up
The demand for property in the UK continues to outstrip supply. The average house in Britain will be worth £220,000 this year - up £9,000 on 20161 - which, combined with the low cost of borrowing, makes buying your next home a great investment for the future.
There’s more choice of mortgages
In recent years, a lot more mortgages have come onto the market for buyers wanting to trade up. This has made it easier for some people to buy the home they’ve always wanted, especially if they want to step up the property ladder into a larger home. With competition between lenders still fierce and interest rates low, this trend seems set to continue.2
We can get you moving with a range of different schemes
At Barratt we understand the challenges that first-time buyers face, that’s why we have developed a range of schemes and incentives to help you get moving.
Help to Buy
Thanks to the UK government’s Help to Buy scheme, first-time buyers and existing homeowners can buy a home up to the value of £600,000 with just a 5% deposit.
- In England and Wales the government may lend you 20% of the value of your property, so you only need a mortgage for the remaining 75%. And because the government loan is interest-free for five years, you’ll save on repayment costs during the early years of your mortgage.
- In Scotland you can buy with a 5% deposit through the Help to Buy Scotland scheme. The Government may lend you up to 15% of the value of your property, so you only need a mortgage for the remaining 80% from a bank or building society.
Not only does this take some of the strain out of moving up the property ladder, but it enables you to reserve your new home early. This gives you more opportunity to personalise, tailoring your home to exactly the way you want it.
Part Exchange Xtra
If you’re moving up the property ladder, selling your house can be an anxious time. But with our Part Exchange Xtra scheme we can make moving easy for you.
- No estate agent fees to pay
- Buying your existing home if a sale isn’t agreed
- Staying in your home until your new one is ready
We also have a range of other offers which may be suitable for your next move. Offers available on selected plots only.
Tailor your home to suit your style
Once you’ve chosen your new home, the real fun starts as you begin to make your new home your own. Our sales team will happily talk you through the wide range of personalisation options we have – everything from laminate flooring to fitted wardrobes, traditional to contemporary.
For inspiration and information visit our New is... designed around you page.
NB: Barratt Homes does not offer financial or legal advice. We would recommend that customers take financial advice specific to their circumstances before taking any action. Images may include optional upgrades.
2. Interest rates as at November 2017.