New scheme aiming to help first time buyers and landlords

24-Aug-2007

A new company has announced the launch of a purchasing scheme that it says will be able to help both first time buyers and buy-to-let landlords achieve their aims within the property market.

The rent b4u buy initiative seeks to cut the costs associated with a property purchase as well as ensuring that landlords looking to sell their assets are guaranteed rental income right up until the point of sale.

Under the terms of the scheme, the seller pays both the buyer's deposit and other transactional costs via the equity accrued from their property upon completion of the sale.

"I saw first time buyers being pushed out by investors due to the increased popularity of the buy-to-let market," commented rent b4u buy co-founder Mark Batty.

"In recent times I have seen the market shift as interest rates, loan costs, and increases in voids have eroded buy-to-let returns. As a result, many landlords are re-evaluating their portfolios, and want to sell to first time buyers," added fellow co-founder Robert Walton.

For first mortgages the average price of a first home rose past £150,000 for the first time last year, Halifax recently revealed.

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