For those not already on the property ladder a financial storm is hitting their ability to get a mortgage, whilst the rental inflation hits their ability to save.
The ‘perfect storm’ which is sweeping the property market at present is putting homes out of reach of first time buyers an in to the hands of buy to let investors. Read more
There were only 43,000 or so mortgages approved in February 2011, way down from the 80,000 or so that are seen to be required for a stable housing market.
First time buyer’s campaign website pricedout.co.uk suggested that “conditions were leading to a wider gap between home owners and prospective buyers”. Read more
A charted surveyor firm suggested that despite a growing range of low deposit loans fewer first time buyers were able to get their feet on to the property ladder due to a tightening of mortgage lending conditions.
In September 2011 the number of first time buyers fell to its lowest level in a year as a result of lenders providing fewer loans for those with smaller deposits. Read more
Many first time buyers have their dreams of owning a property dashed as they struggle to raise a deposit, the current average deposit is 39%. Gone are the days of 95% to 100% mortgages.
Shared equity home schemes are designed to assist first time buyers on to the housing ladder. The scheme helps by reducing the size of the mortgage required on the purchase relative to the property value. Read more
Shared equity is a type of low cost home ownership scheme run by the government to help people who can not afford to buy on the open market to purchase their own homes.
Shared equity in the UK has undergoing a mini revival and some changes have been made to the scheme. Previously this scheme was limited to specific groups such as housing association tenants and key workers such as nurses, teachers, fire-fighters and police officers. They are now open to any household with an income of less then £60,000 a year. Read more
Those home owners that fall behind on their mortgage repayments and find themselves with no hope of catching up and faced with the thought of having their homes repossessed, there could be a ray of light at the end of the tunnel.
Sale and rent back agreements are one option open to home owners faced with losing there homes when they are in arrears. Read more
The property market has a gloomy outlook at the moment for the first time buyer, however when it comes to new build properties there are a few schemes, incentives and interest free loans becoming available that may bring rays of sunshine in to the gloomy property forecast.
Most of Britain’s largest property developers are now coming up with a range of interesting incentives designed to attract the first time buyer to affordable newly built houses. Read more
Home owners with mortgage repayment problems often opt to sell their properties on a sell and rent back basis, thus allowing them to offload their mortgage and arrears whilst remaining in their home as a tenant.
However many consumers have entered in to these agreements with out being fully informed regarding their drawbacks or alternative options. Read more
As the recession bites and unemployment soars, more and more home owners are finding it hard to keep up with their monthly mortgage repayments.
Once a borrower finds themselves in arrears many lenders begin to add excessive and unfair costs on to their already mounting debt, thus overcharging related to arrears becomes a huge problem, which is set to cause distress to hundreds and thousands of home owners in the years ahead. Therefore if this is not tackled soon tens of thousands of consumers could end up losing out while lenders boost their profits by billions. Read more
When paying off or switching a mortgage borrowers are charged a fee, this is technically known as a mortgage exit administration fee (MEAF), supposedly to cover staff, legal and administration costs. Simply put any paperwork ranging from cancelling direct debits to transferring any paperwork to a new lender. Read more