Question 1

How quickly can you buy a house?

Accepted Answer

It depends. The average time it takes to buy a house is around 3-6 months, from getting a mortgage approved in principle to completion. But there are so many factors that can speed things up or slow them down. You may have delays with surveys or be stuck in a chain. On the other hand, things can move more quickly if, for example, you’re a cash buyer and everyone’s motivated. Every sale is different.

Question 2

How do I get a mortgage?

Accepted Answer

Most people get a mortgage through their bank or another lender — or they might go through a mortgage broker. Your ability to get a mortgage depends on a lot of factors, but it will largely come down to your income, any debts, and the amount that you’re trying to borrow.

Question 3

Is a mortgage broker worth it?

Accepted Answer

That depends on you. Mortgage brokers can often get you the best deal, so even though they charge a fee or percentage upfront it might be worth it in the long run. If you’re self-employed or have another special circumstance, they can help fight your case to the lender to prove you’re a reliable borrower. If you want to make sure that there are no nasty surprises, we offer stress-free mortgage advice to help you make the right decision for you.

Question 4

How much deposit do you need?

Accepted Answer

Normally, you will need at least 5%, but as we saw, the average deposit is higher — between 15% and 20%

Question 5

What programs are available for first time home buyers?

Accepted Answer

Luckily, there are quite a few. In addition to stamp duty relief, first time buyers can benefit from the Lifetime ISA, where the government will top up your savings toward your home, or the Help to Buy scheme as a whole — which can be great for newly built properties. You can also benefit from shared ownership, where you only buy a portion of the property and pay rent on the rest — it’s a good way to start gaining equity if you can't quite buy a home outright yet.

Question 6

How long do house viewings last?

Accepted Answer

Again, this is really personal — it depends on you and also the size of the property. Some people fly through a home quickly — others might spend nearly an hour if they’re getting closer to making an offer. Don’t feel like you need to spend a lot of time to be polite if you know you’re not interested in a house — but at the same time, don’t rush if you feel like you need a closer look.

Question 7

How many times should you look at a house before buying?

Accepted Answer

That’s totally up to you. Some people like to go back to a house many, many times — in fact, some people do as many as 16 viewings of the home and the local area. But most people probably fall around the 3-6 range. Of course, in 2020, viewings can look a little different. You may want to do online viewings to narrow down your search and do fewer in-person viewings. It’s up to you.

Question 8

What are the benefits of buying a new build?

Accepted Answer

A new home with no wear and tear (plus a warranty)
Buyer incentives, especially for first time buyers < /li>
No chains can mean a smoother buying process < /li>
A bespoke home you can help design < /li>
Better green credentials— good for the environment and your wallet < /li>

Question 9

What are the disadvantages of buying a new build?

Accepted Answer

Dealing with delays can be frustrating
Securing a mortgage may be more difficult < /li>
Growing pains in the new property can mean you need repairs or changes after you’ ve moved in < /li>
Homes are often smaller and closer together on new build developments < /li>

Question 10

When do I pay solicitors fees when buying a house?

Accepted Answer

Good question. Normally when you hire a solicitor to help you purchase a home you’ll pay some amount upfront — a retainer or a deposit. It may be 10% of the estimated total cost or it may be more, depending on the conveyancer you choose. The remaining balance is normally due upon completion. With Strike, you only pay if the sale goes through. No sale, no fee.

Question 11

Is buying to let a good idea?

Accepted Answer

It might be. Buy to let can be helpful if you’re not looking to move but you want to start gaining some equity. But you won’t benefit from stamp duty relief and the Help to Buy schemes — and you’ll lose your first time buyer status, so things could get more expensive when you want to buy a home to live in. There have also been major changes in the tax relief for buy to let purchases in recent years, so they’re not always as good of an investment as they once were. You’ll have to do your research to make the right choice for you.

Question 12

Do the first time buyers pay stamp duty?

Accepted Answer

Right now, there’s a holiday on stamp duty which means you won't have to pay any tax on the first £500,000 of the purchase price — whether you’re a first time buyer or not. That’s a big savings. This ends after March 31, 2021— then we’ ll go back to traditional stamp duty rates, which still offer some big savings for first time buyers.

Between£ 300,000 and£ 500,000: No Stamp Duty on the first£ 300,000 < /li>
Over£ 500,000: You’ ll have to pay regular Stamp Duty rates < /li>

Remember,both of you need to be first time buyersif you’ re buying with a partner.

Question 13

Is stamp duty payable on a remortgage?

Accepted Answer

Nope — at least, not usually. Stamp duty is about buying or transferring property. Unless your remortgaging process involves transferring the legal title of your property, you should be in the clear.

Question 14

Is stamp duty tax deductible?

Accepted Answer

Ah — sometimes, but not for most of us. You can’t deduct stamp duty from your income tax (even if it’s a buy-to-let property, that’s a no-go). But if you have to pay capital gains tax when you sell the property, you can deduct stamp duty from that amount. This normally won’t make a difference if it’s your main residence — because your main property shouldn’t be subject to capital gains tax anyway — but if it’s a second home it might make a big difference.

Question 15

Can stamp duty be added to your mortgage?

Accepted Answer

Yes and no. The amount you can borrow is normally dependent on the amount the bank thinks you can pay back. Sometimes you can borrow extra, but that doesn’t always mean it’s the right thing to do. Make sure you’re never borrowing more than is affordable and, if you have any questions, talk it over with an expert.

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