Stamp Duty hike drives up moving costs
The cost of moving home in England has jumped 10.9% over the past year, according
14 May 2025
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A first-time buyer mortgage is a home loan designed for people purchasing their first property. It typically requires a smaller deposit, often as low as 5%, and in some cases, you may even find options with no deposit at all. However, you’ll need to meet the lender’s strict criteria to qualify. Many lenders also offer special options and support for first-time buyers, making the process easier and more affordable. This type of mortgage is a great way to help you get started on your journey to home ownership.
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As a first-time buyer, navigating the mortgage landscape can be overwhelming. With significant amounts of money involved and long-term repayments, it’s essential to feel confident in your choice. Your mortgage advisor will guide you to find the best option for your needs, but here’s a straightforward overview of the different types of mortgages available:
Tracker mortgages are linked to the Bank of England base rate, plus a few extra percentage points. For instance, if the base rate is 4.25% and your mortgage adds 1%, your total interest rate would be 5.25%. These mortgages can track the base rate for a set period, like two years, before switching to the lender’s standard variable rate, or they can be “lifetime” trackers that maintain the same margin above the base rate for the entire mortgage term.
With a discount mortgage, you pay the lender’s standard variable rate minus a percentage discount. For example, if the standard rate is 7% and you receive a 1% discount, you’ll pay 6% interest. Like tracker mortgages, discount mortgages often start with an introductory rate before transitioning to the lender’s standard variable rate.
Fixed-rate mortgages offer stability, as your interest rate remains the same throughout the deal period, regardless of changes in the Bank of England base rate. This option is ideal for those who prefer predictable monthly payments. Fixed-rate deals typically come in two or five-year terms before reverting to the lender’s standard variable rate, making it a good opportunity to remortgage and potentially save money.
Each lender has its own standard variable rate, which can change at any time. These rates are influenced by the mortgage market, as lenders compete for customers. We recommend considering a remortgage before switching to your lender’s standard variable rate. To ensure you find the best deal, it’s wise to contact your advisor at least six months before your current mortgage period ends.
By understanding these options, you can make more informed decisions on your path to home ownership.
We have a team on hand, waiting to help you. Enquire today about how we can help.
Our mortgage advisers work closely with you to save you time and give you the very best chance of a successful application.
During the application process, we’ll:
Once your mortgage has been offered, we’ll support you all the way through to completion.
We’ll work hard to build a lasting relationship with you, so you’ll always have someone you trust to help with any queries or requirements in the future.
Our approach focuses on understanding your unique circumstances and tailoring our advice to fit your specific needs.
With years of experience in the mortgage industry, we navigate the complexities of the market with ease.
Nothing is ever too complex for us! We thrive on finding solutions, whether you have a unique financial situation or specific requirements.
When purchasing a home, it’s important to remember that it’s not just the mortgage you need to consider—there are various additional costs involved. Planning for these expenses early in the home-buying process will help you manage your budget effectively alongside your deposit.
Some additional costs include:
Some mortgage lenders charge a fee for assessing the value of the property you want to buy, while others may include this in the mortgage but at a higher interest rate. Valuation fees typically range from £200 to £700, depending on the property’s worth.
While a valuation assesses the property’s market value, a house survey will identify any structural issues or defects. Common surveys include the RICS Home Condition Report, RICS HomeBuyer Report, and a comprehensive building survey. These can cost between £500 and £1,500, depending on the type and size of the property. If you decide to withdraw your offer due to findings in the report or other issues, you may need to conduct another survey.
These are fees paid to your solicitor or conveyancer for the legal work involved in buying a property. They cover various aspects, including:
As of now, first-time buyers in England and Northern Ireland benefit from the following stamp duty relief:
In Scotland, first-time buyers pay the Land and Buildings Transaction Tax (LBTT), with a tax-free threshold of £175,000. Any amount above this is subject to tax rates starting from 2%.
In Wales, the Land Transaction Tax (LTT) applies, and first-time buyers only pay tax on properties priced over £180,000. There is currently no specific relief for first-time buyers in Wales, but the tax structure is similar to that of Scotland.
There’s lots of numbers involved and calculations to do when dealing with finances, explore our free-to-use calculators to keep things simple.
Calculate what a monthly mortgage payment might look like for you.
At Appleton Mortgages, we’re committed to guiding you every step of the way, making the process as seamless and enjoyable as possible.
Understand our 8 step process, from having your initial chat to receiving your keys.
Contact us via phone, email, or our website to schedule your initial consultation. During this conversation, we’ll discuss your goals, financial situation, and any specific requirements you may have. This helps us understand how we can best assist you.
In our in-depth consultation, we’ll dive deeper into your needs and preferences. We’ll gather essential information, such as your income, credit history, and desired property type. This allows us to assess your mortgage options and outline a personalised plan.
Once we have all the necessary information, we’ll conduct thorough research to find the most suitable mortgage products for you. We’ll present our recommendations, explaining the benefits and potential drawbacks of each option, so you can make an informed decision.
After you choose a mortgage option, we’ll help you prepare your application. This includes gathering all required documents and ensuring everything is in order. We’ll guide you through the paperwork and clarify any questions you may have.
We’ll submit your mortgage application to the lender on your behalf. Our team will stay in close contact with the lender to ensure everything moves smoothly and address any queries that may arise during the process.
As your application is processed, we’ll liaise with estate agents and solicitors to keep everyone in the loop. This allows you to focus on your day job while we handle the running around and ensure all parties are aligned.
Once your application is approved, you’ll receive a formal mortgage offer. We’ll review the offer with you to ensure you understand the terms and conditions, and we’ll help you navigate the acceptance process.
Finally, once all legal work is completed and the funds are in place, your mortgage will be finalised. We’ll be there to support you through the completion, ensuring everything goes smoothly and you’re ready to move into your new home!
The cost of moving home in England has jumped 10.9% over the past year, according
Buying a home is now significantly cheaper than renting across most of Great Britain, according
The UK mortgage market bounced back strongly at the end of 2024, driven by first-time
We offer face to face appointments in the areas where we have brokers. If you live outside of that area, we can still help you! We offer phone call and zoom appointments nationwide.
There may be a fee for arranging a mortgage and the precise amount will depend on your circumstances. This will typically be £295
Your home may be repossessed if you do not keep up repayments on your mortgage.
Appleton Mortgages Limited is an Appointed Representative of Stonebridge Mortgage Solutions Ltd, which is authorised and regulated by the Financial Conduct Authority.
Registered Office: Appleton Mortgage Limited,85 Great Portland Street, London, England, W1W 7LT. Registered Company Number: 15807713.Registered in England & Wales/Northern Ireland/Ireland/Scotland.