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How does the process of buying property work? The first step is working out your budget. A mortgage agreement in principle (AIP) can help you understand what’s within reach. Next, it’s time to start your property search. The experienced team at Bush & Co can help by showing you properties that match your needs. Once you’ve found your dream property, you can make an offer. If your offer is accepted, you’ll appoint a solicitor and complete your full mortgage application. From there, legal checks and surveys are carried out before contracts are exchanged and the purchase is completed – then you can pick up your keys! How much do I need for a deposit as a first-time buyer? Typically, first-time buyers in Cambridge put down at least 10% of the property price as a deposit, though some mortgage lenders accept 5% with the right financial background. A larger deposit can help you secure better mortgage rates and increase your chances of mortgage approval. What costs are involved in buying a property? As a first-time buyer, it’s not just the deposit you’ll need to think about. You’ll also need to budget for legal fees, mortgage fees and potentially stamp duty (though most first-time buyers pay none or a reduced rate for this). You’ll also need to think about covering search fees, Land Registry charges and home insurance. Finally, don’t forget to factor in the costs of moving! It’s a good idea to set aside a little extra for unexpected expenses and plan ahead to make the whole process easier. First steps Buying your first home is an exciting milestone, but can also be challenging. To help, the experts at Bush & Co have answered some common questions
What buying schemes are available to first-time buyers? There are several schemes designed to support first-time buyers. One local initiative in Cambridge for 2025 is Cambridge City Council’s First Homes scheme, providing newly built homes at a discount of at least 30% for eligible first-time buyers. Help like this makes homeownership more affordable in the city. What’s the difference between freehold and leasehold? When beginning your property search, you’ll likely come across the terms freehold and leasehold – but what do these words actually mean? • Freehold: Owning the property and land. • Leasehold: You’ll own the property for a set number of years, but not the land (this usually applies to flats, and includes extra fees such as service charge and ground rent). Do I need a survey, and how do I choose the right one? While surveys are not a legal requirement, we strongly recommend carrying one out before buying, as it will help reveal more about the property’s condition and identify any issues. A homebuyer report will meet the needs of most Cambridge properties, but if you’re buying an older home or fixer- upper, a building survey might be better. With so many areas and property styles to choose from, starting your search as a first-time buyer can be tricky. This is where Bush & Co comes in. Our experienced team understands the Cambridge property market inside out. From Victorian terraces to modern How do I go about finding my first home in Cambridge? flats, the city is full of options. It’s a good idea to begin your search by thinking about
FINDING HOME SWEET HOME With experts from Bush, first-time buyers are in safe hands
If you’re exploring options in Cambridge, visit bushandco.co.uk, call 01223 246262, email sales@bushandco.co.uk or visit us at 169 Mill Road, Cambridge, CB1 3AN Don’t struggle alone! With decades of experience and a deep understanding of the Cambridge property market, Bush & Co can support you at every stage. We simplify the process to make you feel confident and informed as a first-time buyer. your priorities: are you most interested in location, space or transport links? From there, an online search is essential. Once something catches your eye, it’s time to book a viewing. Seeing properties in person will give a clearer picture of what houses meet your needs and bring you one step closer to finding the place you’ll call home. Who can support me throughout the buying process?
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