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

FTBs 'struggling to deal with house price rises'

04-Feb-2010

First-time buyers (FTBs) may have been dealt another blow by the news that house prices are continuing to rise.

According to the Halifax House Price Index, the cost of property in the UK increased by 0.6 per cent in January - the seventh consecutive month of expansion.

Since reaching a record low in April 2009, prices have now risen by an average of £15,287 - a sum that has proved impossible to find for many FTBs.

Explaining the problem facing FTBs, Halifax's chief economist Martin Ellis said: "The marked reduction in interest rates over the past 15 months has, from a low base, boosted housing demand from those with a sufficient deposit to enter the market."

But would-be FTBs without the required deposit are left wondering how to make their move on to the first rung of the property ladder - with some turning to a shared mortgage or shared equity mortgage.

The Halifax House Price Index recently showed that house prices more than doubled during the last decade.

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.

Shared mortgages could be popular as lending cutbacks continue
Rising house prices may be making it tough for FTBs
Doubling of house prices 'makes life more difficult for FTBs'

Article Options:

Email this article to a friend

Get updates from our RSS Feed

Post this article to:

del.icio.us

Digg

Reddit

2012: May | Apr | Mar | Feb | Jan

2011: Dec | Nov | Oct | Sep | Aug | Jul | Jun | May | Apr | Mar | Feb | Jan

2010: Dec | Nov | Oct | Sep | Aug | Jul | Jun | May | Apr | Mar | Feb | Jan

2009: Dec | Nov | Oct | Sep | Aug | Jul | Jun | May | Apr | Mar | Feb | Jan

2008: Dec | Nov | Oct | Sep | Aug | Jul | Jun | May | Apr | Mar | Feb | Jan

2007: Dec | Nov | Oct | Sep | Aug | Jul | Jun | May | Apr | Mar | Feb | Jan

2006: Dec | Nov | Oct | Sep | Aug | Jul | Jun | May | Apr | Mar | Feb | Jan

2005: Dec | Nov | Oct | Sep | Aug | Jul | Jun | May | Apr | Mar


Free e-Bulletin

News and Offers for First Time Buyers

Register

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
No

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