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First Time Buyers


Who is a First Time Buyer?

In the UK a First Time Buyer is someone who is buying a home for the first time. It means you are buying your main residence and have never owned a Freehold or Leasehold property before.

What is the difference between a Freehold and Leasehold property?

Most houses are Freehold which means you own the whole home and the land within the legal boundaries. The legal boundary is shown as a red line on the legal plan, which your Solicitor will receive as part of the purchase pack from the seller. A Leasehold usually applies to apartments, where you buy a number of years ownership and do not own the land. You may need to purchase additional years as the Leasehold comes to an end.

How much deposit do I need to save?

Most lenders require a 5-10% deposit to be paid to the developer at exchange of Contracts. Exchange of Contracts takes place once your Solicitor has completed all their pre- purchase checks. Your Solicitor will explain all the details of your purchase before you exchange Contracts. Take a look at our Buyers Guide – Legal, for more information.

My Parents want to help me by giving me some money towards my first home, will this be OK?

Most lenders will accept a ‘Gifted Deposit’ from a buyer, both your Solicitor and Lender must be aware of this.

How can I find out how much I can borrow, and what my monthly repayments be?

You will need to talk to an Independent Financial Advisor. They will arrange to meet you, or have an initial chat on the phone, and will look at both your income and out-goings and which Lender will offer you the best mortgage to suit your personal circumstances, and will then be able to tell you how much the monthly repayments will be. To find out more about our panel Independent Financial Advisors, take a look at our Financial Buyers Guide.

Are you offering any help for First Time Buyers?

We are offering the Government-backed Help to Buy Equity Loan Scheme, which is available for First Times Buyers. You will need to have a 5% deposit and meet the criteria. For further information take a look at our Buyers Guide - Help to Buy Equity Loan.

How do I find a Solicitor and how much will it cost?

It’s important to have a Solicitor who is experienced in new homes purchases. This is because buying a new home is different to buying a second hand home. The legal process is the same but there are additional procedures when buying a new home, and particularly if you are using the Help to Buy Equity Loan Scheme. You will need to appoint a Solicitor when you reserve your new home. The timeline for an exchange of Contracts is set by us and experienced Solicitors will be able to meet these deadlines. Take a look at our Buyers Guide – Legal

Do I have to pay a deposit to reserve my new home?

Yes, at reservation all buyers are required to pay a reservation deposit to secure the home they have chosen. Our reservation fee is £1,000 but if you are using the Help to Buy Equity Loan Scheme you will pay £500. Reservation fee terms & conditions are detailed on our Reservation Forms.
*please make sure you read the information concerning reservation fees before signing the Reservation Form.

What is Stamp Duty and how much will I have to pay as a First Time Buyer?

To find out more about Stamp Duty Land Tax take a look at our Buyers Guide – Stamp Duty Land Tax.

Other Categories


  Buying a New Home – The Process

When you are buying a new home there is a lot of information to take in. We’ve put together this handy Buyers Guide especially for you, to answer some of the most often -asked questions

  Finance

There’s a lot to think about when you are buying a home, and how you are going to finance the purchase is one of the most important aspects to consider.

  First Time Buyers

When you are buying a home for the first time there a lot of information to take in. We’ve put together this handy Buyers Guide especially for you, to answer some of the most often -asked questions

  The Help to Buy Equity Loan Scheme

The Government-backed Help to Buy Equity Loan Scheme is for anyone buying a home, but it must be your main home. We’ve put together some handy questions and answers to give you an overview.

  Legal

Once you’ve chosen your new home, you’ll need to instruct a Solicitor to complete the legal conveyance work on your behalf. Her are some handy questions and answers to help you understand a bit more about the process.

  Stamp Duty Land Tax

This handy question and answer guide gives you a small snapshot of information about STDL – Stamp Duty Land Tax.

  The Benefits of Buying a New Home

There are many benefits to buying a new home. We’ve put together a handy question and answer guide for you to give you some of the information.

  The Consumer Code

The Consumer Code is for you the buyer and us the house builder, our question and answer guide gives an insight into what the Code is all about.

  Westerhill Homes Customer Services

Once you’ve moved into your new Westerhill Homes home, our dedicated and experienced Customer Services Team will be here to support you. Here’s our handy guide in a question and answer format explaining what to expect.

  Westerhill Homes Easy Move

If you’ve found one of our homes you want to buy, but haven’t sold your own home then our Easy Move Scheme will be the perfect solution. Take a look at our handy questions and answers guide to find out more.

  Westerhill Homes Part Exchange

We are keen to help you move and appreciate that selling your own home is stressful. Our Part Exchange Scheme take all the stress away from you, plus you’ll save on estate agents fees. Here’s some handy questions and answers to explain more about how our part exchange scheme works.

  Westerhill Homes Recommend A Friend Scheme

We want to say thank you when you for introducing Westerhill Homes to your friends and family. How does the scheme work?

  Countdown to Moving

There’s so much to think about when you’re moving home, we’ve put together a handy tips sheet to help you plan the move.

  Your new home warranty

The Westerhill Homes Customer Journey continues once you have moved into your new home with our New Homes Warranty.