Dealing with deposits for first time buyer mortgage, This may be obvious but in today's market there are no first time buyer mortgages at 100% loan-to-value (LTV) any more. A property priced at £120,000 will require a deposit of at least £6,000 to be found by the first time buyer. Mike Edwards is the founder of Mortgage Deals Help which aims to provide the UK market with up to date unbiased information relating to all aspects of the mortgage market, making the decision as to which mortgage to go for that little bit easier. There are potentially 3 ways the first time buyer can help themselves onto the property ladder.
1. Borrow the deposit, or part of the deposit
2. Shared ownership
3. Guarantor mortgage
Despite a rise in property prices (in November 2009, house prices raised by 1.7%), the situation on the UK property market remains favourable to buyers. A First time buyer is a buyer who has not previously owned a property. A housing chain occurs when the sale of a property is reliant upon the sale of another property. The main type of first time buyer mortgage that is available is shared equity mortgages. Mortgages for people who have never previously owned property are designed to help buyers who have never previously owned a property step into the housing market. Previous article about Home loans and First time buyer home loan calculator.
1. Borrow the deposit, or part of the deposit
2. Shared ownership
3. Guarantor mortgage
Despite a rise in property prices (in November 2009, house prices raised by 1.7%), the situation on the UK property market remains favourable to buyers. A First time buyer is a buyer who has not previously owned a property. A housing chain occurs when the sale of a property is reliant upon the sale of another property. The main type of first time buyer mortgage that is available is shared equity mortgages. Mortgages for people who have never previously owned property are designed to help buyers who have never previously owned a property step into the housing market. Previous article about Home loans and First time buyer home loan calculator.