HUNDREDS of thousands of cash-strapped first-time buyers are missing out government help which could get them on the property ladder for less. Since the government's shared ownership scheme was launched in 2013, only 6 per cent of buyers have taken advantage of it, according to new research. That means that 94 per cent of first-time buyers are passing up the opportunity to get on the property ladder through the scheme. The new figures from TotallyMoney are based on a survey of 1,000 homeowners, which is only a handful of the 359,000 first-time buyers in the UK, according to Halifax research. So proportionally, we've worked out that that's a whopping 349,600 first-time buyers who are overlooking the scheme completely. At least 35 per cent of 18 to 24-year-olds were put off the scheme because they were worried about hidden fees that might surface later on. And more than 40 per cent of the people surveyed admitted that they needed financial support from friends and family when it came to … [Read more...] about Thousands of first-time buyers missing out on government funding – how to get help buying a home
Help buying a home
News / Dundee by Jon Brady May 22, 2018, 6:00 am FacebookTwitterLinkedInWhatsAppEmail Sign up to our Daily newsletter A Dundee student is set for the walk of a lifetime to raise money for a friend and his god-daughter on the other side of the globe. Daniel Angelosanto, 24, set off on Monday on a 1,244-mile walk from Land’s End to John O’Groats to raise money for friend Stacia Rose, who lives in Georgetown, Guyana. Anatomical sciences student Daniel met Stacia while volunteering in the South American country in 2011. The pair became firm friends and Daniel is now godfather to her child, Sara, 3. He said: “Being 17 in a completely foreign environment, it was pretty bewildering at times. “When I was working in Guyana, Stacia was my rock. She was always there when I needed help and she could never give too much.” However, the family hit hard times. Sara has autism and attends a costly special needs school – and Stacia is facing … [Read more...] about Daniel embarks on epic walk the length of UK to help friend buy a home
Anyone who has had the good fortune to buy their own home has had the misfortune of going through the purchasing process, which takes an average of three months - if you're lucky. A new survey found that two in three home buyers experience problems at some point of the process, so it's little wonder that buying a house is regularly listed as one of the most stressful life experiences. According to the report by Which? Mortgage Advisers, the most common problem is delays caused by other buyers in the chain, reported by one in five of those surveyed. It took precisely seven months, two weeks and two days for Holly Hayman, 28, and her partner Reuben Bakker-Dyos, 30, to buy their three-bedroom semi-detached family home in Bristol. How to make the buying process as smooth as possible 1. Arrange your mortgage in advance A "mortgage in principle" from your lender may give you the edge over other buyers. 2. Consider the property seller Establish how quickly the seller … [Read more...] about how to minimise stress and avoid potential pitfalls when buying a home
Ross Clark 8 May 2018 3:17 PM 8 May 2018 3:17 PM Share Twitter Facebook LinkedIn Email Whatsapp The Resolution Foundation has called for 25-year-olds to be paid £10,000 to help them afford homes, saying the ‘generational contract’ between young and old has broken down. But is it really harder for young people to buy a home now than it was 30 years ago? House prices were booming in the first half of 1988, when a typical first-time buyer home could cost £50,000. That same property now, according to the Halifax UK House Price Index, would cost £234,850. Since 1988, the Retail Prices Index has increased 2.7 times, according to the ONS, so, in real terms, £50,000 in 1988 is now worth £135,000 – making it harder to afford a deposit. As regards mortgage repayments, a typical rate in 1988 was ten per cent (two per cent above the Bank of England base rate). Fixed rate mortgages were not generally available. So, the … [Read more...] about Is it really harder for young people to buy a home than it was 30 years ago?
It's not about lattes and avocados on toast. In the past 20 years house prices have soared compared to earnings, leaving the dream of escaping the landlord and having a home of your own “almost unreachable” for people without help. That's according to new figures from the Office for National Statistics, which has just published a major study into housing affordability in England and Wales . Its figures show that last year it cost 7.6 times the average salary to buy a pre-existing home, and 9.7 times to buy a new build. By contrast, existing homes in 1997 cost just 3.4 times your salary, while new builds then set people back 4.6 times their annual earnings. And those are just the averages. “The price of entry to homeownership in the UK has soared to almost unreachable heights,” said Shaun Church, from mortgage broker Private Finance. “The latest housing affordability figures paint a worrying picture for those hoping to make their first step onto the … [Read more...] about ‘Almost unreachable’ – frightening new figures show how hard it is to buy a home