National firm ready to offer discount transfer services to first-time buyers

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The national law firm of Dutton Gregory Solicitors will discount their transfer fees by 10% for first time buyers. It is also timed to coincide with new product launches from Leeds Building Society and Skipton Building Society.

Skipton Building Society’s new 100% Loan to Value (LTV) Offer It is called a History Mortgage. This is only eligible for first time buyers who can demonstrate a history of rental payments. The mortgage product is designed for people caught in the “income trap” of having significant expenses.

In addition, the Leeds Building Society has become the first UK mortgage provider to partner with Experian Boost, which will “help applicants demonstrate their creditworthiness when applying for a mortgage”. Experian Boost takes into account city tax payments, Netflix and Amazon accounts for credit score calculations, which is ideal for those with little to no unsecured liability.

Paul Sams, Dutton Grego Property Managerry lawyerssaying:

“For the general health of the UK property market, it is very nice to see two major mortgage providers extending their offerings to specifically cater to first-time buyers with little or no deposits. We will show our support to first-time buyers by discounting our transfer fees by 10%.

For 10 years, the Government’s Help to Buy initiative helped first-time buyers access the real estate market with just a 5% deposit. The scheme provided over 375,000 interest-free equity loans for the purchase of new build properties, with a typical purchase price of £273,000. First-time buyer products from Leeds and Skipton Building Societies are available for new and existing homes, but not new-build apartments. While Help to Buy was structured to allow buyers to stretch their buying power, the new 100% loan-to-value product will really help those caught in the rental trap get their foot on the ladder.”

The key criteria for the Skipton Building Society 100% LTV History Mortgage is that each applicant must be a first-time buyer aged 21 or older. The same people who are renting now (and have been renting for the last 12 months) must be the same people on the mortgage.

Applicants must have proof of paying rent for at least 12 months in a row, within the last 18 months. They must also have 12 months of experience paying all household bills in the last 18 months. Each applicant will have no late payments on debt/credit commitments in the last six months. The monthly mortgage payment must be equal to or less than the average cost of rent for the last six months. The deposit must be less than 5% and the maximum loan amount is £600,000.

Alex Gregory-Chialton, business and office development manager for Dutton Gregory’s Liverpool office, saying:

“We are currently working with a number of rental agents who have tenants in rental properties that are for sale or about to be sold. While our Landlord-Tenant team advises the owner, new mortgage products for first-time buyers and our rebate on transfer costs could help some of those renters buy their first home.”