Mortgage Advice for First Time Buyers, First Time Buyer Mortgages and First Mortgage Advice

First-time buyers can buy a house with an equity loan

09-Apr-2009

First-time buyers are getting a helping hand from the government and house builders with HomeBuy Direct.

The government-led scheme enables prospective buyers who otherwise could not afford a mortgage to have up to a 30 per cent equity loan.

One house builder taking advantage of the scheme is Durkan Estates in Croydon.

The new housing development, which is situated on the doorstep of Croyden's cultural quarter, just off Croydon High Street, has stylish apartments, penthouses and mews houses for sale.

First-time buyers will be able to buy a property from Dunkan Estates at just 70 per cent of the asking price, without providing a deposit.

They will be able to do this if they have secured an equity loan for 30 per cent of the cost of the property.

HomeBuy Direct is available for first-time buyers, key workers (nurses or teachers), previous home owners who are struggling to buy a home, and council tenants.

The scheme is open for people who earn less than £60,000 a year.

FirstRungNow.com - how to buy a house, from finding your first flat or first house, first time buyer mortgages, shared ownership, buying with friends, gifted deposit, part buy part rent - all a first time buyer could possibly need.

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There's alot going on! What do you think?

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

Yes
No

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

Fixed Rate
Variable rate

Interest only mortgages are cheaper but in the end you don't end up owning the property. Which is better?

Interest Only
Repayment

House prices are waivering. Do you think this is a good time to buy?

Yes
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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?

Too complicated
Too expensive
Too risky

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

Works best in a rising market
Too complicated
Good option