MORTGAGE rates on two-year fixed deals have significantly dropped across the market over the past six months - and first-time buyers should consider locking in now. The average two-year fixed mortgage rate has fallen by 0.04 per cent, from 2.53 per cent in August 2018 to 2.49 per cent now, analysis has found. Moneyfacts.co.uk also found that the amount some lenders charge to take out a two-year fixed-rate deal has also fallen - from £1,105 in August 2018 to £1,029 now. This is despite the Bank of England base rate having increased from 0.5 per cent to 0.75 per cent in August last year. The comparison service firm reckons that strong competition from lenders to attract first-time buyers - who are seen as the "lifeblood" of the mortgage and property market - has pushed the overall rates on offer on two-year fixes down. For borrowers with deposits of 20 per cent to 30 per cent, two-year fixed mortgage rates have typically increased since last August. What's the difference … [Read more...] about Mortgage rates for first-time buyers at a six month low as lenders battle to attract new customers
Best loans for first time home buyers
THE dream of owning a home is becoming increasingly remote for millions of young Brits. And that's not surprising when you think first-time buyers now have to fork out nearly £50,000 for a deposit to get their foot on the first rung of the property ladder. But what if there was a way wannabe buyers could buy their own home without having to scrimp and save for that deposit? A decade ago, borrowers were able to take advantage of lots offers that meant they didn't need to stump up any money before getting their mortgage. One report says that building societies and lenders should bring them back for first-time buyers to ease the burden on parents. We've seen a few of these mortgages reappear on the market but are they really worth looking at if you're struggling to get the funds together for a deposit? What are no deposit mortgages? When you're mortgage shopping, you'll see something called Loan to Value (LTV). This is simply the percentage amount of the property that is … [Read more...] about What is a 100 per cent mortgage loan? Are they good for first-time buyers and can you apply if you have bad credit?
Cardiff has seen a surge in young people flocking to the capital city, with the number of 21 to 30 year olds increasing by 39% during the last 15 years. According to 2017 data from the Office for National Statistics, 69,291 members of the city's 350,463 population were young people. And a report by the Centre for Cities revealed that they were attracted to the city by job opportunities and access to transport as well as the vibrant entertainment, sport and cultural scene. Many younger people settling in Cardiff have been desperate to get on the property ladder but, as we know, homes in the city don't always come cheap. But there are places out there for first-time buyers starting with a budget of just £90,000. We've done our research and found a choice of apartments in the trendiest and most convenient areas of Cardiff - and, if you're prepared to consider the outer suburbs and have a budget of up to £200,000, there are a range of houses available too... Grangetown: offers … [Read more...] about The best homes for first-time buyers in Cardiff right now
GETTING the keys to your first home is supposed to be a relief but for Emma Nairn it's just the beginning of at least £7,000 worth of renovation. Even though she paid for a survey before buying the property, the senior complaints officer from West Yorkshire still faces paying thousands to replace an old boiler, broken toilet and a leaking water tank. Buyers often pay for a survey of the property before handing over the cash to make sure that it's in a good condition and to avoid any unexpected repair costs when they move in. Surveys can cost anything from £200 to more than £1,000, but the depth of information you get from the report depends on how much you're willing pay. Emma, 32, paid £280 for a HomeReport which alerted her to the old boiler. This gave her leverage to negotiate £7,000 off the £100,000 asking price. In the end, she paid £93,000 for the three-bed mid-terrace house - £10,000 less than the average price of a terrace house in … [Read more...] about First-time buyer faces £7k bill to fix-up ‘bargain’ three-bed house – but is it worth it?
THE Help To Buy scheme offers a way for Brits to get on the property ladder by reducing the amount of cash they need to stump up for a deposit to buy a home. Here's everything you need to know about the government's scheme to help first-time buyers. What are Help To Buy schemes? Do I qualify? Help To Buy is a government scheme designed to help people get on the property ladder without the need for the large, up-front deposit which puts most young buyers off. It consists of Help To Buy equity loans and Help To Buy ISAs, both designed to offer first-time buyers a way to make their deposit more affordable. Which? reports that to qualify, you must: Have a deposit of at least five per cent Be looking to buy a home worth £600,000 or less (this limit changes for Help To Buy ISAs) Be purchasing a property you intend to live in most of the time How do Help To Buy equity loans work? One of the most popular ways to get a foot on the housing ladder, Help To Buy equity loans can be used … [Read more...] about What’s the Help To Buy scheme, why might it be scrapped, how do the government ISAs and Equity Loans work and do first-time UK buyers get dibs?