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To Buy or Not to Buy?

11th July 2022

As property prices continue to rise, first-time buyers have just one question on their minds: buy now or wait, and buy later? The property market is a minefield at the best of times but coupled with an emotional purchase of buying a first home and the overwhelming amount of contradicting advice, it can be overwhelming. Metro Bank’s Tony Davis, Head of Mortgages, reassures buyers who are ready to call a house a home with four simple steps:

  1. The process of finding the perfect property for your first home is a stressful and emotional process, not just a financial one. Make sure that you are getting all the support on offer by using mortgage advisors, solicitors, and estate agents to your full advantage.
  2. Before making an offer for a property, get a true sense of its value. Do some background research on similar homes in the area as this should give you a benchmark figure.
  3. Once all the research is complete and you’re in a position to buy, then get the ball rolling and start the process! Our advice for all buyers is that now is the time to act before rates rise again.
  4. Look into additional schemes that could help you out. At Metro Bank, we offer a Joint Buyer Sole Proprietor (JBSP) mortgage which can help first time buyers who want to get on the property ladder. A JBSP mortgage allows family members to contribute to a sibling’s, child’s or even grandparent’s mortgage without being a co-owner. With a JBSP mortgage, the other person accepts joint responsibility for making mortgage payments but has no legal claim to the property. Importantly this means the parent is not subject to any stamp duty surcharge. This option may not be suitable for everyone, so it is important to take advice.

Davis commented:

“Buying your first home can be exhilarating and overwhelming in equal measure. Our teams will give you the confidence and advice to make what is a life changing decision that little bit easier and allow you to seize the home ownership opportunity with both hands!”

Metro Bank is committed to guiding first time buyers through the mortgage maze. For more information on the options available, please visit: