It's still hard being a first time house buyer
There were 361,000 first time buyers in 2005 and the
- Best mortgage deal UK, put your best foot forward!
- You'll have to shop around to get the best mortgage deal. This article advocates Ask, Ask, Ask and don't be shy!
- Home Mortgage Loans
- More people are paying off their mortgages early. How do they do it? This article explains some ways.
- Interest Only Home Loans
- An introduction to the workings of an interest only mortgage.
- Rate Tarts No Longer Welcomed By Mortgage And Credit Card Providers
- Mortgage lenders are taking steps to reduce the number of people switching their mortgages. This article looks at the situation.
- Mortgages. Watch out for add-on charges.
- Mortgage lenders use headline interest rates to attract borrowers. But behind the scenes they're introducing a whole raft of add on charges. This article explains.
- Mortgaging for funds
- A new study has found that pensioners are concerned that they will have to sell their homes or take in lodgers to make ends meet.
Whilst the average house now coats £170,086, in 2005 first time buyers paid an average of £127,863.
Mortgage providers will traditionally agreed to lend 3.5 times on one salary and 2.75 on a couple's joint salary. That means the average first time buyer with a 100% mortgage will have to be earning £36,500 a year. A couple buying together will have to earn £51,000. Not chicken feed!
Of course some lenders will agree higher income multiples, but that will be dependent on the borrowers employment prospects.
Did you Know?
The golden rule is if you want cheap life insurance , don't go to your bank. Why? For certain your bank will charge you through your nose if you don't believe us, get a quote from your bank and compare it with an online quote from a life insurance broker. You'll be amazed at the price difference!
Did you Know?
According to Land Registry figures, there has been a huge increase in the number homes sold for £1m plus. Despite what you'd expect, this hasn't caused the scramble for business you'd expect from lenders. Many of them are exercising caution when it comes to the well-heeled mortgage seeker. Surprisingly, the best deals go to the smaller borrower. It seem as if lenders would prefer to lend 10 borrowers £150,000 each rather than one loan of £1.5m, in order to spread the risk.
It is, however, beginning to get easier to get mortgage quotes for high value homes. Recent figures from the Land Registry show a massive increase in the sales of million pound plus properties.
Today's Tip
If you want cheap motor insurance quotes then ensure you get some quotations from car insurance brokers. The brokers will compare the premiums from the various UK insurance companies and find you the best deals. And as in many things in life, remember that the cheapest is not necessarily the best always check out the details of the insurance cover for example, whether legal assistance or windscreen cover is included and whether a courtesy car is provided if your car is being repaired. Also check out the excesses on the policies you are being offered.
Did you know?
Buying your car insurance policy online guarantees you the best deals. That's why 53% of all car insurance is now bought online. And when it comes to renewal time, shop around the Internet again! Please don't accept a renewal notice automatically without first checking out prices on the net there's a good chance that you can still get it cheaper!
Did you Know?
Early methods of transferring or distributing insurance risk were practiced by Chinese and Babylonian traders as long ago as the 2 nd and 3rd millennia BC. Chinese merchants traveling treacherous rivers would redistribute their stock across many boats to limit the loss due to any single boat sinking. The Babylonians devised a system which was recorded in the Code of Hammurabi, circa 1750 BC and was used by early Mediterranean sea traders. If a trader received a loan to fund his shipment, he paid the lender an extra sum in exchange for a guarantee that the lender would cancel the loan should the shipment be accidentally destroyed or stolen.