First-Time Buyer Funding
Posted on 13th November 2018
Purchasing your first property can take years and years of saving for and can be the biggest purchase you make in your lifetime. It is, therefore, never too early to plan how this will be funded. With current incentives in place such as, Help to Buy Schemes and the abolishment of first-time buyer Stamp Duty Land Tax, more younger people are being encouraged to purchase property and get onto the property ladder, with the help of your property solicitors Preston.
A Yopa analyst, Mike Scott, concluded that the number of first-time buyers has more than doubled since 2009, however, with ever-growing house prices, MG Legal, your solicitors in Longridge, can see why many more are now reliant on other sources of funding, as well as their own savings.
Recent research has found that more and more first-time buyer purchases are being aided by gifts from relatives or inheritances. Since 1996, there has been a 7% increase of those reliant on gifts and inheritances being used to aid house purchase deposits, with 29% waiting for such funding before purchasing in 2016.
The research found that savings is still the most predominant form of funding, however, gifts and inheritances are on the rise in assisting with Help to Buy ISAs and mortgage funds. Thus being a further help for first-time buyers to take the step in purchasing their first property.
At MG Legal, your solicitors in Longridge, we understand that purchasing a property is a major outgoing, so, why let legal fees be an added inconvenience? Your property solicitors Preston can offer you a fixed fee quote from the outset, together with an excellent service.
Contact your solicitors in Longridge today, at enquiries@mglegal.co.uk, or on 01995 602 129, for assistance with your conveyancing queries.
Do not forget to also enquire with our property solicitors Preston about our NO-SALE-NO-FEE offer.
MG Legal - Solicitors in Longridge
Tagged as: Buyers, Contracts, Conveyancing, Conveyancing Solicitors Preston, First Time Buyers, Garstang Solicitors, Property Solicitors Preston, Solicitors in Lancashire, Solicitors in Lancaster, Solicitors in Longridge, Solicitors Lancaster, SolicitorsinLongridge
Share this post: