Despite all government projects kick start the struggling UK real estate market and help that for the first time get buyer on the property ladder, a recent survey by MoneyFacts found, in fact, there are now fewer options for first time buyers in mortgage products than there was last year.
The Government launched the "financing FIR lending" rules in a bid to help more people qualify themselves allow for mortgage banks and building societies easier access to low-cost money for loans. The idea was, more people have access to low-cost mortgages, but the initiative isn't actually the money obtained explained to help first-time buyers and offer more high loan to value mortgage products are used. The scheme has increased, already have a mortgage lending, homeowners and smaller businesses but not the fight. It is true that the cost of mortgages has fallen and now very low with low interest rates. However, buyers of far fewer mortgage products can for the first time now when they buy only a 5 or 10% down payment on a House to increase. If the buyer can only afford a down payment of 5%, then they have only 54 mortgage deals that you open. This is only 1.9% of all mortgage products available. Last year around this time 62 offers lived 2.7% of the mortgage market available. Even if the buyer can manage to save a 10% down payment mortgages, are still very limited to the mortgages available to them and also all products for 5% and 10% deposit this still only amounts to 14% of the total mortgage market Add. The number of high value on loans ratio mortgages remained stable with a slight increase of the products, which allows for a deposit of 10%, while the number of 95% mortgages dropped. The regulation clearly those doesn't help that most need it and the reason why it was called into life. Mortgage rates on a whole to 5.32% on average compared to last year [July 2012] dropped 5.48%. The scheme was unfortunately poorly formulated and not specifically started in first time in mind. The most important prerequisite for the scheme was lending, therefore, taking into account the initiative is successful, but really there was increasing little actual change. Second step House, in which buyers still have to struggle with the average cost, a step property head on now at ?94,000 in the Southwest, climbing up to update around 19,000 has around ?64,000 in London and the average second stepper ? borrow. Many are in negative equity and not afford to move, while a fifth contact parents or grandparents on financial help to buy their second home.
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