Top tips on buying your first Surrey home!

According to the recent data and analysis from NAEA Propertymark, they have shown that the Chancellor’s FTB stamp duty relief is having the desired effect as sales to the group has increased.

In light of that, we thought we would give you a step by step guide to first-time buying.

If you are thinking of purchasing a new Surrey home, check out our top tips…

Plan for a deposit

Getting a large deposit together can be difficult but being able to put a cash sum down on the property does have its advantages. Better mortgage deals will be available to you depending on how large your deposit is. Here at Park and Bailey we will talk you through the size of the deposit you need.

Remember the additional costs

You’ll need cash to meet the additional costs of buying a home. If you are a first-time buyer and the home you’re purchasing is worth more than £300,000, you will need to pay stamp duty. Another thing to factor in is mortgage arrangement fees charged by your lender. There are also legal fees to pay your solicitor, plus charges for a survey of the property and land registry fees for registering your ownership of it.

Find the right savings vehicles

You must plan how you save. Bank and building society accounts offer greater security but can pay very low rates of interest.

Speak to your family

Lots of mortgage lenders offer products aimed at families, where parents or grandparents can help their children out with a home purchase. These also include guarantor mortgages, where a family member agrees they will make the repayments if the borrower can’t. And joint mortgages, which are for children and parents buying together. Family offset mortgages aim to use parent’s savings to help reduce children’s mortgage costs.

Check out the mortgage market

All first-time buyers have access to the same mortgage products, other borrowers and some lenders offer deals occasionally. In addition, both the mortgage industry and the government have done a lot to come up with initiatives and innovations designed to help the first-time buyers get onto the property ladder.

Government schemes

The government runs schemes to help people that are struggling to buy their first home. You can find out more on first-time buyer schemes and how they work here.  

Shared ownership and shared equity schemes

With a shared ownership scheme, you are normally offered by housing associations, you tend to borrow enough to buy a proportion of the property then you pay rent on the remaining proportion. Shared equity schemes, you buy the whole of the property but take out a load to fund the deposit as part of the arrangement.


Many first-time buyers will find it beneficial when taking independent advice before they buy their first home. Here at Park and Bailey we can help search through thousands of mortgage deals and pick the one that fits your needs.

If you’re looking to buy a new property in Surrey, then make sure you look at the current property listings. If you’re looking for more general advice or information then call our friendly team or visit our website.