100% Mortgages for First Time Buyers
Posted on 12th February 2019 at 09:53
At MG Legal, your property solicitors Preston understand that first-time buyers, buying their first property, are making one of the biggest purchases they will make in their lifetime. This is why our Preston law firm can offer competitive fees that will be FIXED, with no hidden extras.
As first-time buyers, we understand there will probably be many questions which you will want the answers to, so our expert team at MG Legal are on hand to advise clients on as many of their queries as necessary to help guide you through the process.
Recent research, carried out by Lloyds Bank, confirmed that for 18-35 year olds, purchasing their first property remains the number one life goal for individuals within this age category. Half of these individuals also stated that saving for the deposit to purchase is the biggest barrier in getting onto the property chain.
With the current housing climate, there have been numerous schemes introduced which aim to aid first-time buyers, such as Stamp Duty Land Tax exemptions and Help to Buy ISAs. Just ask our property solicitors Preston for more information on this. Also see our blog on ‘First Time Buyers – A Helping Hand’ for more information.
Lloyds Bank, have gone one step further with this and have announced a 100% mortgage, for first-time buyers, as part of a £30 billion campaign to help first-time buyers get on to the property ladder.
The scheme will be otherwise known as the ‘Lend a Hand Scheme’ and allows first time buyers to borrow up to £500,000.00, without the need for a deposit. The scheme will be provided on the basis that the buyer has a relative who would be able to back up the loan.
The parent, grandparent or other relative would put 10% of the property price into a Lloyds savings account. Lloyds will then pay 2.5% interest on these savings whilst in the account. The mortgage would be structured on a three-year fixed rate deal and, during this three year period, the relative who would be supporting the scheme, would not be able to access their deposited funds.
As described by Vim Maru – Group Director of the Lloyds Banking Group - the offer is in place as an incentive to reward loyal customers who are saving with them, but to also help first-time buyers with one of the biggest challenges they face in terms of the property world.
This is where the help of MG Legal, and our property solicitors Preston come in. Contact our solicitors in Preston to instruct a friendly and approachable solicitor to act on your behalf in purchasing the property, making this one less thing to worry about as a first-time buyer. Our solicitors in Preston will ensure all runs smoothly with the transaction and the experience is as exciting and rewarding as it should be.
Contact our Preston law firm today at firstname.lastname@example.org, and our property solicitors Preston will be on hand to assist.
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Tagged as: Conveyancing Solicitors Preston, First Time Buyers, Garstang, Lancaster, Longridge, Property Solicitors Preston, Your Local Solicitors
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