A handy guide for first-time buyers

Becoming a homeowner is a big step, but nothing beats the feeling of moving into your first home and making it your own.

First Time Buyers Guide

Now's a great time to make your move with Barratt and get yourself onto the property ladder

Competitive mortgage rates

With lenders competing in the marketplace, mortgage rates are highly competitive.

By getting a mortgage now, you could take advantage of low interest rates and if you were to fix your mortgage repayments, you’ve got the added reassurance of knowing what your repayments will be.

Rents are high

While competitive mortgage rates are available, UK rents continue to rise in almost every area of the country 1. With tenants typically spending half2 of their income on rent on average, as a first-time buyer you could end up spending less on a mortgage each month than you currently spend on rent.

Property values are 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 20163 - which, combined with the low cost of borrowing, could make buying your first home a great investment for the future.

For handy home buying advice, go to our key steps checklist.

There’s more choice of mortgages

In recent years, more mortgages have come onto the market for buyers who don’t have huge deposits. This has made it easier for some people to get a foothold on the property ladder. The first thing you should do when buying a new home is make sure you are in the best possible position to have a mortgage approved. There are lots of ways you can apply, so we’ve prepared a handy checklist to help you with the process...

We can get you moving with a range of different schemes

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, you don’t need to save up a huge pot of money to get on the property ladder. You can buy your first home 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.

Deposit Boost

If you have a 10% deposit we could boost it by an additional 5%, so you only need an 85% mortgage.

Stamp Duty Paid

In some cases, we might be able to pay your Stamp Duty for you, meaning one less cost to worry about.

Parent Power

If you receive any help in putting together the funds for your deposit, we could provide the equivalent of a 5% annual interest payment on your benefactor’s contribution for five years.

Offers available on certain plots only - please see our offers page for details.

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. 

1. http://www.telegraph.co.uk/personal-banking/mortgages/should-get-10-year-mortgage-now/

2. https://homelet.co.uk/homelet-rental-index


4. http://www.telegraph.co.uk/business/2017/04/05/house-prices-rise-despite-brexit-fears/