First-Time Buyers · The Basics
The First-Time Buyers 100.
The Basics
Focus: Definitions, core concepts, and suitability.
Why is the owner selling the property?
TL;DR
Understanding why an owner is selling their property can impact your purchase strategy. We explore common motivations, from financial need to relocation, and how this affects the sale timeline.
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Have I explored all possible solutions for my situation?
TL;DR
Need to explore all finance options? We detail the steps for comprehensively reviewing your financial situation, from budgeting to specialist lending and seeking professional advice.
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What are the pros and cons of each option?
TL;DR
Explore the pros and cons of property finance options. Compare traditional mortgages, flexible bridging loans, and secured loans to help UK borrowers choose the right strategy for buying or capital raising.
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What is my preferred outcome: repayment, remortgaging, or selling?
TL;DR
Choosing the right exit strategy for a loan—repayment, remortgaging, or selling—is crucial. Learn how to define your preferred outcome and navigate the financial implications of each path.
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Can I explore other affordable housing schemes?
TL;DR
Explore UK affordable housing options beyond standard Shared Ownership. We detail Rent to Buy, First Homes, and specialist local authority schemes available to help you buy.
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Do I have a clear timeline and plan for moving forward?
TL;DR
Understanding your financial application timeline is key. Learn about the typical stages, from initial enquiry to completion, and how to ensure you have a clear plan for moving forward.
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Are there any disputes or issues with the property that might affect selling or remortgaging?
TL;DR
Property disputes or legal issues can seriously hinder selling or remortgaging. Learn how boundary conflicts, restrictive covenants, or tenant problems impact UK property transactions.
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How will these decisions affect my overall stress levels?
TL;DR
Worried about the emotional impact of your financial choices? Learn how planned budgeting, smart borrowing, and managing debt effectively can reduce anxiety and improve your financial wellbeing.
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Does my current property align with my personal values or future aspirations?
TL;DR
Evaluate if your property truly matches your personal values and long-term goals. We explore the factors to consider, from lifestyle needs to financial flexibility.
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Will moving affect my work or lifestyle significantly?
TL;DR
Moving home profoundly affects work and lifestyle. Learn how to plan for employment changes, commuting costs, community integration, and financial stability during your UK relocation.
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How important is it for me to stay in my current home?
TL;DR
Deciding whether to move house is complex, balancing emotional attachment and financial practicalities. We explore how important it is for you to stay in your current home, looking at costs, risks, and potential alternatives like renovation or equ…
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What is the timeline for making decisions before interest payments increase further?
TL;DR
Understand the key indicators and timelines affecting UK interest rates. Learn how to plan your financial decisions now to mitigate rising borrowing costs and protect your property.
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How can I show I’m a serious buyer?
TL;DR
Demonstrating that you are a serious property buyer is crucial. Learn practical steps, from securing financing to instructing solicitors, to ensure your offer stands out in the UK market.
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Is the property listed or in a conservation area?
TL;DR
Understanding if your property is listed or in a conservation area is crucial for finance, planning, and development. Learn the differences, legal implications, and how this impacts mortgages and bridging loans in the UK.
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Is the property part of a chain?
TL;DR
Understanding if your property is part of a chain is crucial for a smooth sale. Learn what a property chain is, how it works, and financing options like bridging loans if the chain breaks.
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Are there any ongoing disputes with neighbours?
TL;DR
Understanding if there are any ongoing disputes with neighbours is crucial when buying or selling UK property. Find out how these issues affect property valuations, conveyancing, and securing finance.
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Are the windows double-glazed?
TL;DR
Understanding if the windows are double-glazed is key for UK property buyers. Learn how to check, why it matters for energy bills and value, and the financial implications.
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Does the property have off-road parking or a garage?
TL;DR
Does the property have off-road parking or a garage? These features significantly impact property valuation, mortgage lending, and market desirability in the UK. Learn how lenders assess parking.
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Will I need to make major repairs or renovations?
TL;DR
Determine if you will i need to make major repairs or renovations to your UK property. Learn how to assess necessity, budget effectively, and explore financing options like bridging loans.
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Does the property have a garden or outdoor space?
TL;DR
Considering a property loan? Find out how the presence and size of a garden or outdoor space impacts property valuation, mortgage eligibility, and potential development finance in the UK.
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Does the property have enough storage?
TL;DR
Considering buying a property? Learn how to assess if the property has enough storage, key viewing tips, and the potential impact of storage limitations on property value.
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Are public transport links easily accessible?
TL;DR
Good public transport links significantly impact property value and sale speed. Learn how accessibility affects liquidity, bridging loan requirements, and UK property investment strategy.
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How safe is the area?
TL;DR
Understanding how safe an area is crucial for property decisions and investments. Learn to assess local crime rates, community stability, and future valuation risk using official UK data sources.
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Is the area family-friendly (if relevant)?
TL;DR
Before committing to a property purchase, understanding if the area is family-friendly is vital for lifestyle and future value. Learn key factors UK buyers should investigate.
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What other costs should I budget for (legal fees, surveys, etc.)?
TL;DR
Buying property involves more than the deposit. Learn about mandatory costs like conveyancing fees, Stamp Duty Land Tax, valuation surveys, and removal expenses to budget effectively.
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Are there annual service charges or ground rent fees?
TL;DR
Understand the difference between service charges and ground rent on UK properties. We also explain loan-related annual fees and administration costs you may encounter.
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How long is the lease on this property?
TL;DR
Understanding how long the lease is crucial for buying or financing a property in the UK. We explain the difference between long and short leases, why 80 years is critical, and how to extend a lease.
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Should I buy a new build or an older property?
TL;DR
Deciding between a new build and an older property is a major financial choice. We explore the pros and cons of both, covering costs, maintenance, and potential future value in the UK.
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What happens if I cannot remortgage or sell the property?
TL;DR
If you are struggling to remortgage or sell your property, understand your options, including forbearance, alternative lending, or dealing with default proceedings. Learn the risks and steps to take.
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Is now a good time to sell in my local property market?
TL;DR
Deciding whether to sell property now depends heavily on local trends, not national averages. We break down the key indicators—demand, supply, and interest rates—you must check locally to determine if it is the optimal time for your move.
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What is my plan if my income decreases unexpectedly?
TL;DR
Facing an unexpected income reduction requires a clear plan. Discover essential steps: review your budget, cut spending, access UK government support, prioritise debts, and communicate proactively with lenders.
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Does my current property still meet my needs (size, location, condition)?
TL;DR
Assess if your house still works for you. We help you evaluate size, location, and condition to determine if you should renovate, downsize, or move, ensuring your home supports your lifestyle.
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How would selling the property impact my capital gains tax (if applicable)?
TL;DR
Understand how selling UK residential property affects your Capital Gains Tax liability. Learn about Private Residence Relief (PRR), exemptions, calculation methods, and key reporting deadlines.
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Are there any alternative government schemes or grants that I qualify for?
TL;DR
Exploring UK government grants and alternative schemes for financial support? We detail eligibility criteria for various UK grants, benefits, and local council assistance programmes available today.
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Are there additional fees for repaying the equity loan early?
TL;DR
Understanding the costs of repaying your equity loan early is crucial. We detail Early Repayment Charges (ERCs), redemption fees, and scheme administration costs in the UK.
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Should I pay for a property valuation in addition to a survey?
TL;DR
Discover whether you need to pay for a separate property valuation alongside a home survey in the UK. Learn the crucial differences and how both protect your investment.
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Promise Money is a broker not a lender. Therefore we offer lenders representing the whole of market for mortgages, secured loans, bridging finance, commercial mortgages and development finance. These loans are secured on property and subject to the borrowers status. We may receive commissions that will vary depending on the lender, product, or other permissable factors. The nature of any commission will be confirmed to you before you proceed.
More than 50% of borrowers receive offers better than our representative examples
The %APR rate you will be offered is dependent on your personal circumstances.
Mortgages and Remortgages
Representative example
Borrow £270,000 over 300 months at 7.1% APRC representative at a fixed rate of 4.79% for 60 months at £1,539.39 per month and thereafter 240 instalments of £2050.55 at 8.49% or the lender’s current variable rate at the time. The total charge for credit is £317,807.66 which includes £2,500 advice / processing fees and £125 application fee. Total repayable £587,807.66
Secured / Second Charge Loans
Representative example
Borrow £62,000 over 180 months at 9.9% APRC representative at a fixed rate of 7.85% for 60 months at £622.09 per month and thereafter 120 instalments of £667.54 at 9.49% or the lender’s current variable rate at the time. The total charge for credit is £55,730.20 which includes £2,660 advice / processing fees and £125 application fee. Total repayable £117,730.20
Unsecured Loans
Representative example
Annual Interest Rate (fixed) is 49.7% p.a. with a Representative 49.7% APR, based on borrowing £5,000 and repaying this over 36 monthly repayments. Monthly repayment is £243.57 with a total amount repayable of £8,768.52 which includes the total interest repayable of £3,768.52.
THINK CAREFULLY BEFORE SECURING OTHER DEBTS AGAINST YOUR HOME
REPAYING YOUR DEBTS OVER A LONGER PERIOD CAN REDUCE YOUR PAYMENTS BUT COULD INCREASE THE TOTAL INTEREST YOU PAY. YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE OR ANY OTHER DEBT SECURED ON IT.
Promise Money is a trading style of Promise Solutions Ltd – Company number 04822774Promise Solutions, Fullard House, Neachells Lane, Wolverhampton, WV11 3QG
Authorised and regulated by the Financial Conduct Authority – Number 681423The Financial Conduct Authority does not regulate some forms of commercial / buy-to-let mortgages
Website www.promisemoney.co.uk