Buying your first home can feel daunting, but there is more help available than many people realise, says Jodie Kesseler, a conveyancer at Hayes + Storr solicitors, in the first of our new series of ‘ask a local expert’ 

According to research by Skipton Group, the parent company of Skipton Building Society, the average age of a first-time buyer in England has risen from 29 in the mid-1990s to 34 today, the highest in decades. 

More than half of first-time buyers now rely on two or more full-time incomes, while over half of those with a mortgage have repayment terms of 30 years or more. Just 6% of first-time buyers are now under 25, compared with almost a quarter in the mid-1990s.

Whether you’re struggling to save for a deposit or wondering what financial support is available, there are several schemes that could help you get onto the property ladder.

Lifetime ISA

A Lifetime ISA (LISA) can help you save for your first home, with the government adding a 25% bonus to your savings, up to £1,000 each year. There are restrictions on withdrawing the money and the account generally has to have been open for a minimum of 12 months before the funds can be withdrawn without penalty. 

Help from family

Many first-time buyers rely on financial support from family to fund their deposit. If the money is a gift, your lender will usually require written confirmation that it does not need to be repaid. If it is a loan, it could affect the amount you are able to borrow, so it is important to seek legal and financial advice before proceeding.

Low-deposit mortgages

Many lenders now offer mortgages requiring just a 5% deposit through government-backed mortgage guarantee arrangements. These can make buying sooner a realistic option, although it’s still important to ensure the repayments remain affordable if interest rates or your circumstances change.

Stamp Duty relief

First-time buyers may qualify for Stamp Duty Land Tax relief. Currently, no SDLT is payable on purchases up to £300,000, with reduced rates available on properties costing up to £500,000. Your solicitor can confirm whether you meet HMRC’s eligibility criteria.

Shared ownership

If buying outright is not affordable, shared ownership may be worth considering. It allows you to buy a share of an eligible property while paying rent on the remainder, with the option to increase your share over time. Shared ownership homes are available across Norfolk through a number of housing associations.

How we can help

Buying your first home is one of the biggest financial commitments you are likely to make. At Hayes + Storr, we will guide you through the conveyancing process, explain each stage clearly and help your purchase progress as smoothly as possible. 

Hayes + Storr solicitors have six offices across Norfolk including in Fakenham, King’s Lynn, Holt and Norwich. For further information, visit www.hayesandstorr.co.uk

This article is for general information only and does not constitute legal or professional advice. The law may have changed since publication.