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Good news for first-time buyers

23-Mar-2006

The government has stepped up its campaign to help first-time buyers get their foot on the first rung of the housing ladder.

A programme which will cost £970 million over the next two years is designed to help 35,000 aspiring homeowners.

Aspiring first time buyers considering affordable housing options should work with a good mortgage broker
In December 2005, the Office of the Deputy Prime Minister confirmed plans to expand its Open Market Homebuy Scheme.

Under the scheme, borrowers are entitled to apply for a 75 per cent mortgage on a property from a standard lender and then receive the other 25 per cent from the government.

The remainder is interest-free and therefore reduces the cost of the house purchase, with the government receiving 25 per cent of the proceeds back again.

Aspiring first time buyers worried that their debts, CCJs or poor credit history should consult a good mortgage advisor.

It is anticipated that this new initiative may allow an extra 20,000 people to get onto the property ladder.

The Social Homebuy and New Build Homebuy programmes, which are aimed at housing association tenants and those buying new build homes, are also predicted to aid aspiring homeowners.

Aspiring first time buyers wanting advice on mortgages, to find out how much they can borrow and how much it will cost, should request advice from the UK’s leading High Street Brokers, Bradford and Bingley.

First time buyers can make buying a new home affordable through a 'gifted deposit' scheme whereby a deposit is not required just the cost of professional and arrangement fees of £5000.

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