House price inflation 'to slow' in 2007
19-Dec-2006
First time buyers dismayed by rising house prices will see a fall in 2007, an expert suggests.
According to John Charcol, a mortgage intermediary firm, although house prices are currently growing at around nine per cent, first time buyers will notice a decrease in house price inflation as recent interest rate rises start to impact upon the market.
Although most new mortgages are currently fixed-rate, over 50 per cent of all mortgages are variable rate and most fixed-rate packages have been taken out over a term of two years.
"[However,] the good news for first time buyers is that some lenders … have developed special mortgages targeted at first time buyers," said Ray Boulger, senior technical manager at John Charcol.
"Some of these, such as some shared equity schemes, have been developed in conjunction with the government but others … are solely private sector initiatives," he added.
For more details on the government’s Open Market HomeBuy scheme and shared equity,
click here.
Although private sector initiatives can vary considerably between mortgage providers, they typically include "rent-a-room" schemes that allow first time buyers to include rental income when arranging a mortgage and mortgages that allow parents to purchase a property with their children.
John Charcol is a specialist mortgage intermediary, able to arrange mortgages from the whole-of-market, not just a limited panel of lenders.
To obtain a quote for a shared ownership mortgage, consult a
.
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