Mortgages. Government backed mortgages for first-time buyers look even weaker.
Just before Christmas we commented on the
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- The housing market seems to be buoyant with house sales exceeding expectations in some parts of the country. If mortgage rates start to rise, the market may see a correction. Take care not to take on too much debt.
Under the scheme, first time buyers will be able to take out a mortgage for 75% of a home's value and the government and the mortgage lender will each effectively buy 12.5% of the property. Then when borrowers eventually decide to sell the property, the owner will receive 75% of the net proceeds and 25% of the sale price will go to the Government and the mortgage lender, as they effectively own the balance.
In our view, first time buyers should not become excited about this scheme for four reasons: -
• The Government has now confirmed that buyers will have to suffer a 1% premium on the mortgage rate
Did you Know?
Today's Tip
Did you know?
Recent research has shown that 53% of motor insurance is now bought online. That's because surfing is a sure fire way of tracking down the best deals. And at renewal time, surf around again! Don't automatically accept your renewal notice without rechecking premiums on the Internet.
Did you Know?
Cheap secured loans are widely advertised on the Internet but of those applicants who are accepted, 43% are offered a higher rate than the rate they saw advertised (source: Experian). That's why, if you're looking for a cheap secured loan, it's a good idea to apply through a loan Broker. The Broker will know exactly who will accept your credit history and find you the cheapest rates of interest.
Did you know?
A survey of borrowers conducted by the Daily Mail found that 54% of applicants for loans were refused whilst 43% were offered a loan but at a higher rate than that advertised.