YORKSHIRE Building Society has launched a new range of super-low mortgage deals - but you'll only be able to get them if you've got a Help To Buy ISA. YBS has launched four new deals for first-time buyers and two of them are the best deals out there. There are two two-year deals and two five-year offers but not all of them will leave you with more cash in your wallet. All you need is either a five per cent or 10 per cent deposit, although you'll need to pass all the correct credit checks too. You'll have to use the cash from your Help To Buy ISA though, which is the government scheme that gives first time buyers a 25 per cent bonus on top of their savings up to £12,000. So unfortunately, if your stumping up the cash from an ordinary savings account then you won't be able to get the deals. Plus, there's a £495 fee on all of the deals too that you need to take into account. We asked the boffins over at MoneyFacts.co.uk to check out the deals and see if they are any good - and … [Read more...] about Yorkshire Building Society launches two new best-buy mortgages for first-time buyers
Home loan first time buyer
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. But are these offers still around now? And are they worth looking at if you're desperate to get your first home but can't get enough money together?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 mortgages and the amount that is owned by you. So for example, if you're buying a home worth £100,000 and have a 10 per cent deposit saved … [Read more...] about What are no deposit mortgages, which lenders offer them and can first time buyers apply?
The UK's departure from the EU could have a huge effect on the economy – and campaigners on both sides have argued that the vote is crucial for one of the country's main obsessions: the housing market.Remain campaigners such as chancellor George Osborne have argued that the market would suffer and that house prices could fall by up to 18% in the event of the UK leaving the EU.But at the same time, the Leave camp has claimed that with less immigration from mainland Europe, pressure on housing would be alleviated, helping first-time buyers on to the housing ladder.What no one would dispute is that young people are finding it harder than ever to afford their own homes. According to research by housing charity Shelter, four-fifths of adults born since the early '80s say it's harder for them to buy a property than it was for their parents.To tackle this problem, the government has pledged to build 200,000 new "starter homes" by 2020 – these will be valued at up to £450,000 … [Read more...] about Should First-Time Buyers Back Brexit To Get On The Housing Ladder?
SAVING UP to buy a house can seem like an impossible task for first time buyers But, a Help to Buy ISA might make it a little bit easier to raise the cash for the mortgage deposit on your first home. What is a Help to Buy ISA? The Help to Buy ISA is a government scheme that gives first time buyers a 25 per cent bonus on top of their savings. So, for every £100 you put into your Help to Buy ISA the government will add £25 on top. The maximum amount the government will pay out is £3,000, which would mean you would have to put £12,000 in the ISA. The scheme is available now and you can apply for an ISA until December 2019, after that you can continue to save using the ISA until December 2029. Unlike a regular cash ISA you are only allowed one Help to Buy ISA per person. How do I apply for a Help to Buy ISA? Any UK resident over 16 with a national insurance number who has never owned a property before can apply for a Help to Buy ISA. You cannot apply to the scheme if … [Read more...] about How first-time buyers can use scheme to get up to £3,000 for a mortgage for their home
FIRST time buyers will have to fork out nearly £50,000 for a deposit on a mortgage if they want to own their first home. The average age of when people are likely to become homeowners in England has also risen to 33 from 30 a decade ago. The depressing statistics are the latest figures from the English Housing Survey released by the Ministry of Housing, Communities & Local Government. First time buyers will have to save up an average £48,591 deposit before they take out a mortgage - down by £240 on the year before. This drop could be down to falling house prices with the average price of a house in the UK down by 0.6 per cent, according to Halifax. Out of the 671,000 first time buyers in 2016 to 2017, half of them bought a home with their partner, while 40,000 - or seven per cent - managed to buy one on their own. It might seem promising that so many managed to go it alone, but 35 percent of people had help from family or friends and 10 per cent used an in … [Read more...] about First time buyers now need a £50K deposit for a mortgage – and you’ll have to wait until you’re even older to get one