First Time Buyers Guide & Tips
Becoming a homeowner is a big step, but nothing beats the feeling of moving into your first home and making it your own.
Now's a great time to make your move with Barratt and get yourself onto the property ladder
Competitive mortgage rates
With lenders competing in the marketplace, mortgage rates are highly competitive.
By getting a mortgage now, you could take advantage of low interest rates and if you were to fix your mortgage repayments, you’ve got the added reassurance of knowing what your repayments will be.
Rents are high
While competitive mortgage rates are available, UK rents continue to rise. With tenants typically spending half^ of their income on rent on average, as a first-time buyer you could end up spending less on a mortgage each month than you currently spend on rent.
For handy home buying advice, go to our key steps checklist.
In recent years, more mortgages have come onto the market for buyers who don’t have huge deposits. This has made it easier for some people to get a foothold on the property ladder. The first thing you should do when buying a new home is make sure you are in the best possible position to have a mortgage approved. There are lots of ways you can apply, so we’ve prepared a handy checklist to help you with the process...
If you have a 10% deposit we could boost it by an additional 5%, so you only need an 85% mortgage.
If you receive any help in putting together the funds for your deposit, we could provide the equivalent of a 5% annual interest payment on your benefactor’s contribution for five years.
Offers available on certain plots only - please see our offers page for details.
NB: Barratt Homes does not offer financial or legal advice. We would recommend that customers take financial advice specific to their circumstances before taking any action. Images may include optional upgrades. Calls to 0844 numbers cost 7 pence per minute plus your phone company’s access charge. Calls to 03 numbers are charged at the same rate as dialling an 01 or 02 number. If your fixed line or mobile service has inclusive minutes to 01/02 numbers, then calls to 03 are counted as part of this inclusive call volume. Non-BT customers and mobile phone users should contact their service providers for information about the cost of calls.
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First Time Home Buyers FAQs
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There is no single "best" first-time buyer scheme; it depends on individual circumstances and preferences. Popular schemes among first time buyers include; deposit unlock, deposit boost scheme, Help to Buy - Wales and first homes scheme.
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A first time buyer is someone who has never owned a property before, either in the UK or abroad.
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Stamp duty for first-time buyers varies depending on the purchase price of the property. As of September 2022, first time buyers do not pay stamp duty on properties up to £425,000. For properties between £425,000 and £625,000 you will pay 5%. No first time buyer relief is available for properties over £625,000.
Please note: Stamp duty rules vary for first time buyers in Scotland and Wales.
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The required deposit amount for first-time buyers depends on the lender and the type of mortgage, but generally ranges from 5-20% of the property's value.
Our Offers to Help Get You Moving
Help to Sell
If you’re looking to start your next adventure, but are worried about the hassle of moving, we have a range of schemes available to help you sell your existing home.
Part Exchange
We could be your guaranteed buyer, so no stress or fuss, just an easy move for you and your family.
Armed Forces Deposit Contribution
We're offering Britain's military servicemen and women a 5% deposit contribution to help them buy a brand-new home.
First Homes Scheme
First Homes is a brand-new Government-backed scheme designed to help more first time buyers onto the property ladder.
Low Deposit Offers
If you have a low deposit, we have a variety of schemes available to help make moving more affordable.
Help to Buy Wales
Whether you're a first time buyer or existing homeowner, you could buy a brand-new home in Wales with just a 5% deposit.
Key Worker Deposit Contribution
As a thank you for the support provided to our communities, we are offering key workers a contribution of £1,000 for every £20,000 spent on the purchase price, plus flooring.
