FirstRungNow launches new scheme for first time buyers

21-Nov-2006

FirstRungNow has announced the launch of a new scheme for first time buyers looking to purchase their current rental property.

With nearly 90 per cent of first time buyers considering purchasing their rental property, FirstRungNow has launched a new service, in partnership with First Home Direct, to enable first time buyers to purchase their rental property deposit free.

First time buyers opting for the scheme can select from a wide range of rental properties and secure a right to buy through the payment of an additional premium; although an option fee is also payable, the average fee is less than £3,000, according to FirstRungNow.

"With our new service, you could have a new two bedroom apartment worth £130,000 today for as little as £630 a month and an option fee of £2,600," said Ben Whitaker, managing director of First Home Direct.

"If property prices continue to rise at five per cent a year, this apartment would increase in value by £569 every month, making it worth £150,000 in three years," he added.

FirstRungNow is a provider of advice and support for first time buyers.

For our first time buyers guide to buying a property click here.

First time buyers concerned about how an increase in interest rates might effect how much they would have to pay each month should consult a good broker.

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