Richard Butler Creagh on Buying a home in Great Britain
Welcome to the Richard Butler Creagh blog. Richard Butler Creagh has expert knowledge of the property development market. Buying a home in Great Britain, especially for the first time, is easier than ever with the vast amount of help available. The decisions we take along the way can cost us a lot or help you save many thousands. And yet it is the first-time buyers are currently in a particularly privileged position.
Deposit. The deposit is a means of saying that we are financially disciplined and increases the loan to value and the mortgage is burdened with less risk to the lender. Therefore, the rule is simple: the higher we have a deposit, the cheaper the loan. If we are just in the process of raising funds for a deposit and we are first time buyer, we should immediately set up a savings account Help to Buy ISA to obtain a non-refundable, untaxed surcharge to a 25% deposit.
Stamp duty. Those planning to buy the first property can have an immediate Stamp Duty tax cut. Exempt from fees will be first time buyers who buy real estate worth up to £ 300,000. This also
applies to the first £ 300,000 for a property worth up to £ 500,000.
Help to buy and shared ownership Part Buy - Part Rent, was designed for people who cannot afford to buy real on standard terms. It offers to buy only a part of the ownership interest (25% to 75%). The remaining part belongs to a housing association, for which we pay a monthly rent. Flats covered by the scheme are usually newly built properties, although they can also be purchased from the secondary market. We will usually have to finance the purchase of our part of the flat by taking out a mortgage. The amount of shares determines a lower or higher equity loan. This, in turn, will have a direct impact on the monthly installment, and the amount of the deposit that we will have to prepare before buying the flat.
Even if you are not convinced by Shared Ownership, you should consider buying with help to you. This system is designed to help First time buyers who have a minimum 5% deposit,buy their first property. The government will lend us up to 20% of the property (interest- free within the first 5 years) with a maximum value of £ 150,000. This significantly reduces the monthly costs during this period and gives us access to cheaper mortgage products, because you only need to get credit for only 75% of the value of the property. Governmental 20% of the value will have to be paid back at the time not later than 25 years or when selling the property, whichever comes first.
Mortgage. Getting on the property ladder is one of the best investments you can ever make. Getting
financed is the most challenging of the step. Trying for a mortgage may seem complicated and involves a lot of stress, but getting it right is rewarding and can make a lot of money in near future. Currently, over 70% of mortgage loans in the UK are prepared through brokers, and what fewer people choose to do so directly at the bank.
Richard Butler Creagh has climbed many mountains in business. After a successful career in property development he understood the needs of the professional and their requirements in short-term bridging finance and devised a way that they could be better met in Henley Finance. Discover more about Richard Butler Creagha here. Read Richard Butler Creaghs tips here on becoming a property developer. Comprehensive up-to-date news coverage of Richard Butler Creagh here.
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