WANNABE first-time buyers often think it's impossible to get on the property ladder due to the thousands of pounds needed to stump up for a deposit. The average first-time buyer deposit was a whopping £44,635 in 2017/18, according to the Government's latest English Housing Survey. And even just a 5 per cent deposit with a 95 per cent mortgage can feel unachievable.What is a 100 per cent mortgage? But there are ways to buy a home without an upfront cash deposit - and one of these is with a type of 100 per cent mortgage known as a guarantor mortgage. According to data from financial comparison site Moneyfacts, there are just under 30 different guarantor mortgages for first-time buyers - and they all work slightly differently. Barclays' Springboard mortgage and Lloyds Bank's Lend a Hand mortgage, for example, requires parents to put down a 10 per cent deposit in a savings account. While Aldermore's Family Guarantee Mortgage needs parents to guarantee 25 per cent of the property's … [Read more...] about The £120,000 homes first-time buyers can afford WITHOUT putting down a deposit
15 year home equity loan rates
BUYING your first home is a huge, and expensive, decision but there could be ways to save thousands if you opt for a new-build property. Developers are offering free extras and tantalising incentives to buy a new-build - and now we reveal the best way to haggle, and if these enticing offers are really worth it. From no stamp duty to "free" fixtures and fittings, developers are now offering many incentives and extras to buy a brand-new home. But some of these offers aren't always as good as they sound, and you could get an even better deal if you're prepared to negotiate. Some critics say free extras and incentives are just masking high asking prices, as you can often get a similar sized property at a much cheaper price if you choose an older home. And taking up these freebies can sometimes affect how much your mortgage provider is willing to lend you. But new-builds come with their own advantages, such as low maintenance costs and being included in Help To Buy and shared ownership … [Read more...] about How you can haggle for extras and freebies on your new-build home – and it could save you thousands
AFTER just six weeks of knowing each other Jamie Preston moved into Emma Winter's rented home in a village in Gloucestershire. The couple knew it was a big risk - but just five months later they took an even bigger leap and paid a fee to reserve a £229,000 two-bed house nearby. After just a 15 months of dating Emma Winter, 38, and Jamie Preston, 36, got the keys to their first home in June 2016. Emma, who works in insurance, had already saved her £6,000 half of the deposit by working overtime before they'd even met. While Jamie, a medical engineer, took on extra work, including weekend jobs and night shifts in order to boost his income, on top of his Monday to Friday salary. He moved in with Emma so that he could save up the cash more quickly. It took him nearly a year to get his half of the funds together, which they used towards the deposit and moving costs, such as legal fees. The couple also cut costs by ditching the holidays, … [Read more...] about Single woman met boyfriend just five months before buying £230k first home together
Paul Davidson USA TODAY Published 12:01 AM EST Dec 19, 2018 A parade of Fed rate hikes this year is starting to make a dent in the wallets of American borrowers. Here’s the good news: Bank customers are also starting to see noticeably higher savings rates. With the Federal Reserve set to announce a fourth interest rate hike this year Wednesday, rates on credit cards, adjustable-rate mortgages and home equity lines of credit are likely to rise, experts say, increasing consumers’ monthly payments. All are revolving loans with variable rates that are directly affected by the Fed’s move. The Fed is virtually certain to lift its benchmark short-term rate by a quarter percentage point to a range of 2.25 percent to 2.5 percent. It will have bumped up the key rate nine times since late 2015. “They’re accumulating and the (total) impact is large,” says Tendayi Kapfidze, chief economist of LendingTree. “You need to stay on top of it” so … [Read more...] about Fed interest rate decision: How latest move effects credit, savings
FIRST-TIME buyers can now lock in to a low-rate mortgage deal for SEVEN years before they have to think about renewing it. Normally, the longest fixed-rate deal available to first-time buyers is five years but Yorkshire Building Society's new range of mortgages lets homeowners lock in for further two years. They're not the only lenders to offer first-time buyers a deal that lasts that long, but the market-leading rates are a bonus for those hoping to take advantage of low interest rates for as long as they can. There are three new home loans on offer but you need at least a 15 per cent deposit to get them - three times the minimum amount required by some lenders for other deals. Of course, the rate you're actually offered by a lender depends on the results of your affordability checks, which take into account your credit history, score and monthly income and outgoings. What are the deals? 2.16 per cent, seven-year fixed rate mortgage with a 45 per cent deposit 2.26 per cent until … [Read more...] about Yorkshire Building Society now offers SEVEN year mortgage fix – but what is you want move house sooner?