However, it’s not all doom and gloom! With the Government launching the help to buy scheme back in 2013, many first-time buyers are now looking to take advantage of this additional bonus but are struggling to know where exactly to start.
Using a help to buy in Surrey can help you take the first vital steps on to the property ladder, ultimately allowing you to put down roots in an area you love and find a place to call your very own. In this article, we’ll be detailing what help to buy truly means in Surrey and providing you with the top tips to secure your first home.
What is a help to buy ISA?
It’s likely you already know what the help to buy is if you have the ISA, however, we’re quickly outlining the key details to ensure you are fully up to speed on what exactly you are gaining from this scheme:
- It’s a savings account aimed at people trying to build the deposit to buy their first home. You can save up to £200 a month into the dedicated ISA and the Government will top this up by 25% up to the maximum bonus of £3,000.
- Couples buying together can combine their bonuses, meaning a potential boost of up to £6,000 towards a deposit for their first home.
- You are unable to use the combined bonuses of a help to buy and lifetime ISA, so you will need to consider which the best option may be for you (note the help to buy scheme closed for new applicants in November 2019 and those with an existing account have until 2030 to use this bonus).
If you have saved into one of these accounts, the Government bonus will be added when buying your first home. Your solicitor or conveyancer would apply for this, and once they receive it this will be added to your deposit.
What is a help to buy Equity Loan? (2021-2023)
If you’re a first-time buyer in England, you can apply for a help to buy equity loan, but many don’t understand the potential of this scheme due to the popularity of the ISA and little time left to utilise the equity loan.
This is a loan from the government that you put towards the cost of buying a newly built home. You can borrow a minimum of 5% and up to a maximum of 20% of the full purchase price of a new-build home. The home must be purchased from a registered property developer, and in the South East the maximum price you can pay for this home is £437,600. Of course, for those looking to sell their property to a first-time buyer, this will not be an option for your potential purchaser as your home will not be classed as a registered new build.
Why use a scheme for help to buy in Surrey?
Surrey is a popular choice for those in search of a new home – whether it be their first or fifth move. The county offers the best of both worlds: an abundance of lush, green countryside to explore whilst sitting ideally located within the London commuter belt.
But it’s not just the location or stunning nature that draws so many to the area, Surrey is also home to several great gig venues and is particularly well known for its folk and metal contributions to the music scene. And, if you are hoping to dance the night away, you’ll be spoilt for choice with a selection of bars, pubs and restaurants to discover.
Having visitors come to stay? Surrey has a fascinating past that spans centuries, dating back to the days of the Romans that is sure to impress. When you use your help to buy in Surrey, you’ll be buying into a piece of history, rich in cultural activities to explore, each celebrating the county’s vibrant and varied past.
Plus, a weekend away becomes all the more simple! Not only are you just a stone’s throw away from the capital, but with Heathrow and Gatwick on your doorstep, you’ll be ready to jet-set and go. Surrey is, therefore, one of the most convenient locations for those who love to explore.
So, what does help to buy in Surrey really mean for you?
There are a variety of properties available in Surrey, from one-bed flats to six-bed manor houses, and our team at Seymours can help you find your perfect first-home. Firstly, however, it’s important to note that you can only use the bonus scheme to buy any home worth up to £250,000 (£450,000 in London). Immediately, this will act as the maximum budget for your search and will therefore target your house hunt significantly. Although, should you find a property slightly outside this range, speak to your estate agent regarding negotiations; an experienced agent may be able to provide guidance and could even secure you the home.
The cheapest areas to buy in Surrey
Surrey is generally known for its highly-priced property, but that isn’t to say you can’t find your first home in the area whilst staying within your budget. Currently, the cheapest place to buy property in Surrey is in Surrey Heath. Within this area, you’ll find the popular commuter towns of Camberley, Frimley and Bagshot – each has a lot on offer for first-time buyers. There are a variety of spacious one and two-bed apartments available within each of these towns to view today.
Working with the right estate agent
It’s important you form a relationship with your estate agent as they’ll be able to assist your search and ensure you don’t miss out on viewing a home that could be the right one for you. Your estate agent will regularly have new homes coming to the market, and they should be proactively thinking of you as a potential buyer should a property appear that may be well-matched.
If you are selling your home and the target audience appears to be first-time buyers, again you will want your estate agent to recognise this. Failure to do so could mean your home struggles to sell; however, it’s vital you understand the limitations of a help to buy in Surrey and consider this when setting the asking price.
Our team at Seymours handles the sale of a variety of different homes, and therefore, we understand how to accurately assess and place these on the market. You need an experienced, dedicated team driving the sale of your home which is where we can help as the local expert estate agents.
Claiming the Government bonus
Once you’ve found your dream home, you’ll need to claim this Government bonus from your help to buy ISA. This draws back to using the right estate agent, they’ll be able to put you in touch with a local solicitor or conveyancer, streamlining the entire process. Selling your home with the right estate agent also ensures these final negotiations go through unhindered by costly delays, ultimately ensuring you can move on to your next home without facing too much stress in the process.
Help to buy schemes are an excellent aid for first-time buyers. Though you may think Surrey is out of your reach, with the right estate agent by your side you can find your first home in this popular area. Ideal for those looking to remain in reach of London yet retreat back to the countryside to escape the hustle and bustle of city life, there are a range of properties within the area to suit any price range.
Working with Seymours: Help to buy in Surrey
With nearly 30 years of experience selling properties within the Surrey area, our team have the expertise and experience to secure you your first home or assist you with the selling process as you move on in the housing market. Throughout the process, our dedicated team will be on hand to offer guidance and reassurance as you enter this exciting new venture! We develop a relationship with all of our clients to provide you with a service that goes above and beyond, ensuring we understand you as a buyer or seller.
Sell your property with the experts today: choose Seymours Estate Agents.
If you’re looking for free market advice or want to sell your home with an estate agency you can trust, get in touch with the team at Seymours using this contact form, or call us at one of our 25 dedicated branches and departments here.