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Mortgage: Help For First Time Buyers
By James Miller
Putting that
very first foot on the property ladder is getting harder
and harder for First Time Buyers (FTB�s for short). With
house prices rocketing, if you are a wannabe FTB, finding
the money to buy your own home is nigh on impossible.
So what options are there for people looking to buy their
first home?
One option is to buy with a friend. A lot of room mates
who have rented together now are buying together. It makes
sense and by having two incomes instead of one, you may be
able to get a mortgage okay.
Obviously, you will need to discuss �what ifs� beforehand.
For example, what will happen if one person wants to sell
but the other doesn't? So do set the ground rules and
ensure that you each have your own solicitor to look over
the legal documents. This means that you are both
protected should the friendship go wrong.
The lodger mortgage
There are now mortgages available which take in to account
anticipated extra income from having a lodger. A homeowner
can earn up to �4,250 a year tax-free under the
Rent-a-Room scheme. This amount may be the difference from
not being able to afford to being able to afford a mortgage.
Ask the parents!
Many FTB�s are now getting help from their parents when
taking out a mortgage. The most common way is by
them providing the deposit. If this isn�t feasible, see if
they will buy a share of the house with you, which you can
buy back later.
Another option is to ask that they act as a guarantor.
This means that if you fail to meet your monthly
repayments, they are legally bound to make them for you.
However, this is a big financial commitment for them that
they may not wish to make!
Graduate Mortgage
You could check whether you qualify for a graduate mortgage. This allows you to borrow more than the
standard amount based on your salary with the help of a
guarantor. The guarantor could be your parent.
Graduate mortgages differ from standard guarantor mortgages in that the guarantee is only for the part
of the mortgage that is over and above the standard
amount. With the latter type of mortgage, the
guarantee is for the entire mortgage amount.
With a graduate mortgage, once you
are earning enough money to cover the whole loan, the
guarantor is released. This is good option to take if your
parents are not in a position to guarantee the whole mortgage, but maybe just part of it.
Extend your mortgage
Most mortgages run for 25 years. However, if you
take a longer one, say over 30 years, it means your
monthly repayments will be lower. This is because they are
spread out over a longer period of time.
Key Worker Living Programme
If you are a �Key Worker�, that is, someone who works in
the education, police, health, fire or prison services,
you could try the Key Worker Living Programme.
�690 million is being provided by the Government for the
programme in a bid to help Key Workers afford to live
close to where they work. At the moment it is only
available in London and the South East.
The programme helps in a variety of ways such as
subsidised loans or shared ownership depending on the type
of programme being offered in your local area.
Right To Buy Scheme
If you have lived in a local authority property for at
least two years, you may be able to buy your property at a
discounted price.
Article Source: http://www.articlemap.com
More information:
www.mortgages-uk-mortgage.co.uk
www.repayment-mortgage-for-uk.co.uk
www.australianmortgage.co.uk James
Miller is a freelance writer specialised in consumer
credit, covering topics such as how to deal with bad
credit, mortgages and insurance. He aims to help
people navigate the financial industry
.
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