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"Substantial deposit" still required by first-time buyers

08-Mar-2010

A property expert has warned that first-time buyers still require a "substantial deposit" if they are to secure a home, despite there being a number of opportunities now available to them.

Good deals are out there for first-time buyers, particularly on new-build homes, says Paul Collins, property editor at BuyAssociation.co.uk.

"However, finance is the key for first time buyers. People will still need substantial deposits to get on the ladder," he asserts.

Those without the necessary finance to put down on a new home may wish to consider turning to a shared mortgage or shared equity mortgage, both of which can offer a more affordable route on to the property ladder.

Mr Collins's opinions come shortly after the Halifax House Price Index noted a fall of 1.5 per cent on the value of home sales in the UK during February.

It was, though, the first reduction in house prices since June 2009.

How to buy a house from finding your first property, first time buyer mortgages, mortgage advice, shared equity, shared ownership, joint ownership, part buy part rent and HomeBuy. All a first time buyer could need as well as first time buyer news at FirstRungNow.com.

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Interest rates are low but could rise? Is this a good time to buy?

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Varialbe rate mortgages go up if bank interest rates do. Which is your preference?

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Shared equity mortgages allow you to buy a new home with 5% deposit and an equity loan through FirstBuy. What do you think?

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Rent to buy allows you to peg a property price, save towards a deposit and pay reduced rent. What do you think?

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