First-time buyers 'should make effort to overcome deposit challenge'
21-Apr-2010
Published by Sam Franklin
The obstacle placed in front of
first-time buyers in the form of a deposit is a steep one - but one that is ultimately well worth overcoming.
Andrew Hagger, from Moneynet.co.uk, says the overall benefits available to
first-time buyers are more extensive than in previous years.
Research by the website shows the typical deposit required on a £130,000 home has doubled since the third quarter of 2007 - although the effect of this is lessened by the abolishment of stamp duty payments for the majority of purchases.
However, falling house prices mean the typical mortgage value on such a property has decreased to £103,500 from £123,500.
"The lower repayments mean that you would recoup the extra £3,700 upfront deposit costs in just 27 months," explains Mr Hagger.
Stamp duty is no longer an issue for most
first-time buyers as chancellor Alistair Darling recently ruled in the Budget that it is not required on houses worth less than £250,000.
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first property,
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HomeBuy. All a
first time buyer could need as well as first time buyer news at FirstRungNow.com.
Buyers offered first mortgage advice Joint ownership scheme will help property market, says expert Hung parliament 'would up need for help for first-time buyers'
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