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
Jefferson parish first time home buyer
FIRST-time home buyers will get a huge boost today — with Lloyds Bank’s first 100 per cent mortgage targeted at them. The bank will let them borrow enough cash to buy without a deposit. The Lend A Hand mortgage allows another family member to put up ten per cent of the loan as “security”. That amount is kept in a special savings account with Lloyds for three years, where it earns 2.5 per cent interest. It can then be withdrawn, together with money accrued on the amount. It means parents can help their kids without them having to fork out for deposits that average between £33,211 around the UK and £110,182 in London. PRACTICAL PLONK Flat bottles of letterbox-friendly wine soon to be landing on UK doormats BAG PRICE HIKE Morrisons raising price of 'bag for life' to 15p & introducing 20p paper bag CHECK YOUR CHANGE Do you have a 50p worth up to £840? We reveal the most valuable coins LET’S GET QUIZZICAL Beat the January blues with free live … [Read more...] about First-time home buyers to get huge boost — with Lloyds Bank’s first 100 per cent mortgage targeted at them
Rising home prices are sending first-time home buyers to their parents for help with mortgage down payments. More than 26% of mortgage borrowers who used Federal Housing Administration-insured loans got assistance from a relative to make the down payment in the 12 months through September, up from about 22% in 2011, according to data released late last year as part of the agency’s annual report. The... … [Read more...] about More First-Time Home Buyers Are Turning to the Bank of Mom and Dad
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
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?