Are you a first time buyer with little or no deposit? With
prices continuing to rise does it seem impossible to make that
first move? We will explain in plain English the buying
process, the potential pitfalls, any schemes in detail and all
of the jargon' used when buying a house or flat.
There is still a wide
choice of 100% mortgages, with some lenders able to lend more
Shared Equity mortgages
Associations will sell a percentage of a house to you
(normally 50%). You therefore buy half with a mortgage and
rent the other half from them. You will generally have an
option to purchase the remaining share from them at some point
in the future
A number of lenders still
offer the guarantor route to first time buyers. Your level of
borrowing is based on the guarantors' income and assets,
therefore allowing a potentially higher level of borrowing.
Your budgeting then becomes very important.