Help for first time home buyers in 2020

As we near the end of an exceptional year, leading housing association Metropolitan Thames Valley Housing is on hand to help first time buyers get onto the property ladder.
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Published 16th Nov 2020, 10:21 BST
If you are planning on buying a home, it’s important to get your finances in check.If you are planning on buying a home, it’s important to get your finances in check.
If you are planning on buying a home, it’s important to get your finances in check.

Kush Rawal, director of residential investment at SO Resi, part of MTVH (one of the largest housing associations in the UK) offers his top tips on buying your first home.

Utilise existing schemes

There are a range of schemes and incentives currently available to first time buyers that are designed to help reduce costs and provide an easier route to homeownership, such as Help to Buy. The scheme allows buyers to purchase a new home with a low five per cent deposit, and borrow up to a 20% equity loan from the Government, giving buyers access to higher loan-to-value mortgage deals.

There are a range of schemes and incentives currently available to first time buyers.There are a range of schemes and incentives currently available to first time buyers.
There are a range of schemes and incentives currently available to first time buyers.

Another popular home-buying product is shared ownership, which allows buyers to purchase a minimum share of 25% with just a five per cent deposit required. Buyers will then have the option to gradually increase their share in the future through a process known as staircasing.

There is also a temporary stamp duty holiday on homes up to the value of £500,000 until March 31 2021 – meaning further savings can be made.

Get your finances in order

If you are planning on buying a home, it’s important to get your finances in check as early as possible. Try to reduce the amount of outstanding credit you have, make sure you are on the electoral role, and close down any credit cards that you are no longer using. To make your finances go further, get smart with your savings – putting your cash into a Lifetime ISA will mean that for every £100 you save, the Government will boost this by £25.

MY Resi recently launched its Upton Square development in Northampton.MY Resi recently launched its Upton Square development in Northampton.
MY Resi recently launched its Upton Square development in Northampton.

Prepare to be flexible

Whilst you may have a long list of priorities for your first home, it’s important to be realistic – and prepare to be flexible. Weigh up your priorities and assess what you really do need, and what may just be an attractive bonus. Location can be one of the biggest factors in house prices, so if you can manage a slightly longer commute, you may find that your budget will stretch further.

Speak to the experts

It can be tempting to spend hours searching online for the answers to your questions, but it’s always best to speak to the experts directly, as they will be able to offer accurate advice on your own individual circumstances. Our MY Resi Sales team is always on hand to answer any questions about buying through shared ownership and will be able to recommend reputable mortgage advisers and conveyancers.

Prices start from £165,000 for a one-bedroom apartment, with Help to Buy available on all current homes.Prices start from £165,000 for a one-bedroom apartment, with Help to Buy available on all current homes.
Prices start from £165,000 for a one-bedroom apartment, with Help to Buy available on all current homes.

Embrace viewings

Whilst we may be entering a temporary lockdown, the housing market is currently remaining open, meaning that buyers are still able to view properties in person. However, if you are unable to visit developments, MY Resi has also launched virtual viewings, whereby a sales adviser will guide you through the property and answer any questions you may have.

What can I buy?

MY Resi recently launched its Upton Square development in Northampton, which will deliver 49 private new homes in total. Currently available is a collection of one-bedroom apartments alongside two and four-bedroom mews houses. Prices start from £165,000 for a one-bedroom apartment, with Help to Buy available on all current homes.

MY Resi Upton Square will also provide 54 affordable new homes available through SO Resi, the dedicated shared ownership brand of Metropolitan Thames Valley Housing. Currently available is a two-bedroom apartment starting from £50,000 for a 25% share [full market value: £200,000].

To find out more about MY Resi Upton Square, visit www.myresiuptonsquare.com or call 020 8607 0550.

Related topics:Government