Buying your first home is a huge milestone, but let’s be honest—it can feel a bit overwhelming too. With mortgage rates, deposits, and legal fees to think about, it’s easy to get lost in the process. The good news? You’re not alone! At Mortgage Pro Sussex, we’re here to help you understand the ins and outs of buying your first home in 2025.
What’s Happening in the Housing Market?
The UK property market is always changing, and 2025 is no different. The good news? Mortgage rates have started to come down a little, and wages have gone up, making homeownership slightly more affordable than last year. But, house prices are still high, and saving for a deposit remains one of the biggest hurdles for first-time buyers. Many people are turning to family for help with deposits, but there are also new mortgage options that can help (more on that below!).
Big Changes Coming: Stamp Duty Update
If you’re planning to buy in 2025, keep an eye on Stamp Duty rules. Right now, first-time buyers don’t have to pay Stamp Duty on homes up to £425,000. But from April 2025, that threshold will drop to £300,000. This means if you buy a home above that price after April, you’ll have to pay extra.
💡 Example: If you buy a home for £425,000 before April 2025, you won’t pay any Stamp Duty. But after April, you’d have to pay £6,250! That’s a big difference, so if you’re thinking of buying, acting sooner rather than later could save you money.
Getting a Mortgage as a First-Time Buyer
Saving for a deposit can be tough, but there are more mortgage options now that can help:
- Low-deposit mortgages: Some lenders are now offering 3% deposit mortgages, making it easier to get on the ladder if you don’t have a huge amount saved.
- First-time buyer schemes: Government schemes like Help to Buy or Shared Ownership are still available for some buyers, so it’s worth checking if you qualify.
- Affordability checks: Lenders look at your income, expenses, and credit history to decide how much they’ll lend you. Having a good credit score and a steady job will help.
💡 Tip: Before applying for a mortgage, check your credit score and avoid taking out new loans or credit cards that could affect your application.
Top Tips for First-Time Buyers in 2025
1️⃣ Start saving early – The bigger your deposit, the better the mortgage deal you’ll get.
2️⃣ Check your budget – Don’t just look at the house price—factor in solicitor fees, moving costs, and Stamp Duty (if applicable).
3️⃣ Get a mortgage agreement in principle – This shows sellers you’re serious and helps you know how much you can borrow.
4️⃣ Do your research – Look into different mortgage options and first-time buyer schemes.
5️⃣ Get expert advice – A mortgage advisor (like us!) can help you find the best deal and make the process much easier.
How Mortgage Pro Sussex Can Help You
We know the mortgage world can feel like a maze, but we’re here to make it simple. At Mortgage Pro Sussex, we help first-time buyers find the best mortgage deals, explain everything in plain English, and guide you through the whole process—no jargon, no stress.
Thinking about buying your first home in 2025? Get in touch with us today, and let’s make your dream home a reality!
👉 Contact us to start your journey!