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

Shared ownership and equity deals 'popular'

19-Jan-2009

More Britons are opting for shared ownership and shared equity schemes as they look to secure mortgage finance in the current economic climate, says Click n Go Mortgages.

Hayley Martin, team leader at the mortgage advisory firm, said the firm are doing a lot of deals of this kind, as low mortgage rates are reducing the number of 'ordinary' purchases.

Falling mortgage rates can be useful for first-time buyers (FTBs) considering shared ownership schemes, even though the providers seek ten per cent of the loan, Ms Martin argued.

"For a £40,000 mortgage it's only £4,000 that they've got to find, which is not unachievable," she said.

Her comments come as the government's Open Market HomeBuy schemes offers FTBs earning less than £60,000 a year the chance to purchase their first property through an equity loan.

Meanwhile, amid the impact of the credit crisis on mortgage availability for FTBs, some 33,000 home loans were approved in November 2008 according to Council of Mortgage Lenders statistics - 17 per cent down on the previous month's total.

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.

Property market tipped for major recoveryGovt 'making a stand' for FTBsHouse price reduction predicted
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