Readers put their property questions to our guest panel of experts:
solicitors, mortgage advisers, property gurus and shared ownership providers
Furnish on a small budget
Q I am in the process of buying my first home, which is very exciting but I haven’t got a great deal of money left over for buying furniture and accessories. Have you any ideas of what I can do on a small budget please?
Rosie Leith, Manchester
A Congratulations on buying your first home! It’s such an exciting milestone, and the good news is that you don’t need a big budget to create a stylish and welcoming space. With a little creativity, you can furnish and decorate your home beautifully without spending a fortune.
Start with the essentials – prioritising what you need most, such as a bed, sofa and dining table, before adding decorative pieces. Shopping secondhand is one of the best ways to save money while also finding unique, high-quality furniture. Charity shops, local secondhand stores and online marketplaces like Facebook Marketplace, Olio and eBay can be great places to hunt for bargains. Car boot sales and antique markets are also worth checking out as you never know what you might find!
For affordable, pre-loved furniture that’s been checked for quality and safety, consider shopping through organisations connected to the Reuse Network. This charity works with a network of reuse centres that offer furniture, appliances and homewares at low prices. Many of these organisations also support social causes, so you’re not only saving money but also contributing to a more sustainable and ethical way of furnishing your home. You can find your nearest reuse centre through its website.
If you enjoy a little DIY, or are just up for giving it a go, upcycling can transform secondhand furniture into something fresh and personal. A simple coat of paint, new handles or reupholstering a chair can give old pieces a new lease of life. For accessories, budget-friendly options like cushions, throws and plants can instantly add warmth and character to your space.
Finally, take your time, you don’t need to furnish your entire home overnight. Finding the right pieces gradually allows you to create a space that truly reflects your style while sticking to your budget. Happy decorating!
Lynsey Ford
What mortgage should I take out?
Q I am a little confused and hoped you could help me. What type of mortgage do first time buyers normally choose at the moment? What’s the best type of mortgage for my first home, a fixed or variable?
Tom Darby, Ealing
A For first time buyers, a fixed rate mortgage is the most popular choice now. It locks in your interest rate for a set period – typically two, five or 10 years – giving you predictable monthly payments and protection from rising rates. This stability makes budgeting easier, which is crucial when you’re new to homeownership and your finances are stretched.
The alternative is a variable rate mortgage, such as a tracker or discount deal, which fluctuates with interest rates. These can start off cheaper but come with the risk of rising costs if rates increase. While some buyers are willing to take that gamble, many prefer the security of a fixed rate.
Traditionally, mortgage terms were 25 years, but that’s changing. Recent research from the HomeOwners Alliance shows that 38% of homeowners aged 18 to 34 now have mortgage terms of 30 years or more, compared to just 15% of UK homeowners overall. Extending the term lowers monthly payments, making homeownership more accessible, but it also means paying more interest in the long run.
Finding the best mortgage deal can be overwhelming. While keeping an eye on mortgage rates is important, using a mortgage broker can be a smart move—especially for first time buyers. A good broker will search the market to find the best deal and help you navigate lender requirements. Just ensure they’re independent and cover the whole market, rather than being tied to specific lenders. Some brokers charge a fee, so check before you commit.
So, what’s the best choice for your first home? If you want certainty and stability, a fixed rate mortgage is your safest bet. If you’re comfortable with risk and believe interest rates might fall, a variable rate mortgage could save you money—but only if the gamble pays off. Either way, speaking to a broker can help you find the best deal and guide you through the process.
Paula Higgins
Stamp Duty
Q I am buying a resale shared ownership property – what are my options regarding paying Stamp Duty Land Tax (SDLT)?
Gaby Trent, Surbiton
A As you are purchasing a resale property, this means the shared ownership lease has already been granted. In light of this, HM Revenue and Customs advises that the only option regarding the payment of SDLT is that it is based on the value of the share you are purchasing, which is generally the purchase price as stated in the contract.
It is only when a shared ownership lease is first issued, ie that it is granted to the first owner of the property, that there are options regarding the payment of Stamp Duty Land Tax. In this scenario, you can opt to pay either on the full market value of the property (100% of the property’s worth) or you can opt to pay on the value of the share being purchased plus the rental element.
The two different options above influence whether Stamp Duty Land Tax is payable if staircasing over 80% occurs at a later stage.
In general terms, if you paid duty on the full market value at the time you bought your initial share then no further duty is payable when you staircase over 80% ownership. If SDLT was opted to be paid on only the initial share and rental element at the time of the initial purchase then when it comes to staircasing over 80%, the premiums paid for the initial share, any intermediate shares and the share taking you over 80% ownership would be added together to determine the Stamp Duty rate payable (this is quite the complicated SDLT calculation FYI)! Therefore it would be good practice for your solicitor to enquire with your seller’s solicitor whether they are aware of what the position was with regards to the payment of SDLT when the lease was granted – sometimes this will be set out in the lease but unfortunately more often than not, this is not noted in the lease and therefore if it is possible to find out the position then it may hugely benefit you if you decide to staircase in the future!
Lucy Owen
First Time Buyer is an exciting bi-monthly glossy which takes a stylish and comprehensive look at all the options available, setting them out in an entertaining and informative way, and helping potential customers navigate their way through what is often a daunting and complex process. We dispel the myths, reinforce the facts and arm the reader with the tools necessary to make their homeownership dreams a reality.
