First time buyers in Wales would need to save for more than eight years in order to have enough for a 15% house deposit. Single people would need to save for eight years and six months while a couple would need to save for four years between them. The latest, based on the final quarter of 2018 are an improvement on 2016 when it took nine years and three months for a single person to save a deposit. Meanwhile, buyers in London would need to save for 15 years and nine months for enough to put down a deposit on a property there. The research comes from estate agents Hamptons International. As well as assuming that first-time buyers would need a 15% deposit, the calculations also assumed that people would be able to save 22% of their income towards a deposit after tax, rent and essential bills and used average full-time earnings for people aged 20 to 29 to make the calculations. Some first-time buyers may find they can buy their first home with a smaller deposit than 15%, with many … [Read more...] about First time home buyers in Wales need to save for more than 8 years
Virginia first time home buyer loans
First-time home buyers in Doncaster receive an average of £989 in support from the Government through Help to Buy ISAs, new figures show. But housing charity Shelter says the scheme only helps the better-off while most renters cannot benefit from it because of a minimum cut-off for savings. The latest Treasury data shows that 556 people in Doncaster recieved support from a Help to Buy ISA during the 12 months to September – 48 more than in the previous year. In total, £550,000 was paid to first-time buyers in the area, compared with £389,000 the previous year. The scheme aims to help people buy their first house.READ MORE: What to do if you get injured on holiday and how this might change after BrexitTheir property must be purchased with a mortgage and cannot be buy-to-let. With a Help to Buy ISA, the Government adds 25% to the funds saved in the in buyer's account at the point the property is purchased.The minimum they will add is £400, meaning the buyer … [Read more...] about Government cash for first time home buyers only helps the better off in Doncaster
First-time home buyers in North East Derbyshire receive an average of £1,067 in support from the Government through Help to Buy ISAs, new figures show. But housing charity Shelter says the scheme only helps the better-off while most renters cannot benefit from it because of a minimum cut-off for savings.The latest Treasury data shows that 258 people in North East Derbyshire recieved support from a Help to Buy ISA during the 12 months to September – 67 more than in the previous year.In total, £275,000 was paid to first-time buyers in the area, compared with £144,000 the previous year.The scheme aims to help people buy their first house. Their property must be purchased with a mortgage and cannot be buy-to-let.With a Help to Buy ISA, the Government adds 25% to the funds saved in the in buyer's account at the point the property is purchased.The minimum they will add is £400, meaning the buyer needs to save at least £1,600, and the maximum is £3,000.Only … [Read more...] about Help to Buy ISAs: How much do they really help first-time buyers in Derbyshire?
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
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