TENS of thousands of first-time home buyers have had their purchases delayed because of a flaw in the Help to Buy Isa, research has found. In 2016 the savings accounts were described as a “scandal” when this newspaper disclosed that first-time buyers would not be able to use the money saved for an initial deposit on their new home. A flaw in the scheme means a 25 per cent government “bonus” on savings is not paid out until the sale has completed, leaving buyers to find the deposit money elsewhere, for example by borrowing from parents. Since 2015, when the accounts were first launched, an estimated 45,000 property purchases have been delayed as a result of this problem, according to financial services firm OneFamily. The research is the first time that the extent of the scale of the long-standing problem have been quantified. The Treasury was made aware of the flaw by this newspaper in 2016 but refused to fix it, … [Read more...] about Tens of thousands of first-time home buyers suffer delays caused by flaw in Help to Buy Isa
First time home buyer
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?
Buying your first home is an incredibly exciting time - your mum, dad, granny, friends and Margaret who lives across the street, will all have a mortgage story. While it’s great to talk out the process with your nearest and dearest, it can quickly become quite overwhelming. However, with the right mixture of prep and help from professionals, it can be a really smooth and stress-free process.Bank of Ireland UK knows mortgages and even though they can seem complicated, and explanations can sound like ‘financial jargon’.Mortgage Sales Adviser Patrick Greene has outlined five simple tips to make the whole journey for first-time buyers as trouble free as possible.Making financial sacrifices:Anything worth having, is worth saving for… isn’t that the famous quote? We all love spending money, most of us just can’t help ourselves, but when you’re saving for a mortgage it’s important to prioritise and budget your finances in the … [Read more...] about 5 things every first-time home buyer should know
London is the worst place in the UK to buy a home for first-time buyers, according to price comparison website Money Super Market’s First Time Buyer Index. The inaugural survey analysed 35 UK cities against key criteria for first-time buyers, including the cost of a one-bedroom property, crime statistics, job opportunities and average salary in the local area. London comes in last place due to its sky-high property costs and rising crime rates. Meanwhile, Oxford topped the list of the best places to buy followed by Bath, Wolverhampton, York and Aberdeen. Read more: Grosvenor property group sees 2017 profits surge despite drop in returns Other cities which were near the bottom of the list for first-time buyers after London included Newry, Hull, Sheffield and Leicester, due largely to low job opportunities. Kevin Pratt, consumer affairs expert at Money Super Market, said: “Buying a property for the first time is exciting, but it comes with the hard decision of choosing a … [Read more...] about Ranked: Best and worst cities for first-time home buyers
Published April 23, 2018 Some 800 apartments that will soon be built in Reykjavík come with a very daunting price tag, but are intended for first-time home buyers. The apartments, to be located at the Hlíðarendi area of Reykjavík, come in a variety of number of rooms, but the prices for the sizes listed have drawn considerable attention. For example, a two-bedroom measuring 59.7m2 has a listing price of 41.5 million ISK. This is a considerable sum of money to put down on a two-bedroom apartment of this size, working out to about 670,000 ISK per square metre. Brynjar Harðarson, the director of Valsmenn hf., who stand behind the project, told Vísir that the apartments are intended for first-time home buyers. “This building is clearly intended for first-time buyers,” he said. “It’s the only building in the area without a parking garage, but rather a parking lot outside.” When the price of the apartments was questioned, he … [Read more...] about 60 Sq. Metre Apartments At 40 Million ISK For “First Time Buyers” In Iceland