The undeniable truth is that buying your first home is incredibly scary. You are faced with a million decisions which are presented with daunting prospects and an overwhelming amount of responsibility. It actually feels as though you are finally growing up, truly flying the nest and making one of the biggest steps in life. Trust us, we understand!
That is why we are here to offer a helping hand. Here at Inspired Homes, a team of experts are on call 24/7 to answer any questions you may have and guide you into finding the right home.
Purchasing property can be seen as a complex process…and we have to admit, there’s more to it than simply popping out to the shops, but here is our guide which will hopefully make things that little bit clearer.
Saving a deposit
After a year or so of renting, you will have realised that it is dead money being thrown away at an incredibly fast rate, particularly if you are living in London. A few years ago, saving up for a deposit seemed impossible, but thanks to help-t0-buy and London help-to-buy, you could be eligible to buy a home with just a 5% deposit. To find out if you fit into this bracket, click here. The equity loan part of Help to Buy is only available on newly-built homes in England worth up to £600,000 (Zoopla). There are also limits on the value of the property you buy, which vary across the country, however, we are proud to state that Inspired Homes have help-to-buy in place and you can find out more about our London apartments here.
If you don’t fit the help-to-buy criteria, you need to establish how much cash you can put towards the cost of a new home. Generally, the bigger your deposit – the equity you put towards the cost of your new home – the better mortgage rates you will be offered, and the lower your monthly mortgage payments will be. So, it is worth saving as soon as possible, for as large a deposit as possible.
Unless you are in a position to buy the property with cash, you will need to secure a mortgage. A mortgage is a loan from a bank or building society against a house or flat. The borrower has to pay back the loan in addition to accrued interest. You can learn an awful lot simply by searching the internet, but when things start to get serious, you may want to speak with a mortgage adviser, who will be able to help you to fill out your mortgage application. The bad news is that you will need to pay for their advice (but in the long run, it’s well-worth it.) As Zoopla states, the type of mortgage you opt for will largely depend on the size of your deposit. For example, if you are buying a property worth £150,000 with a 10 per cent deposit, you will need £15,000 in cash. Generally, you can secure more competitively-priced mortgages with around a 25 per cent deposit.
Stamp Duty is a tax on the cost of properties over £125,000. The rate you pay depends on the purchase price of the property. The price of the property is.
To find out more about how much stamp duty you would need to pay on any of Inspired’s apartments, simply call our team on 020 8688 6552.
Finding the one
It’s the phrase most notably associated with finding the perfect partner, but in this case, we are talking about bricks and mortar. How do you know where to buy? What makes a good property or a bad buy? Well, first of all, try to work out what is most important to you. Do you care about the community, the transport links, the amenities, the home itself, the size or the location more?
All of these factors play important parts in the decision making process. What we offer at Inspired Homes is an innovative, design-led approach to layout, which makes the most of every inch of space. Our apartments are spread across a diverse range of areas, including Croydon which is fast becoming famous for being a new tech and entrepreneurial hub in London, to leafy Epsom which offers the perfect escape to a busy day in the bustling City. One thing we can promise, is that all of our apartments are located in areas with exceptional transport links in Central London, and we place great importance in the notion of community living, offering superb roof gardens and business suites in many of our developments.
To find out more, call us on 020 8688 6552.