Shared ownership boost for FTBs

12-Dec-2008

People who are struggling to get on the housing ladder could be able to purchase a home with a shared ownership scheme.

According to Julie Gray of the Riverside North East development in Gateshead, first-time buyers could get a mortgage of up to six times their annual salary 12 months ago.

However, the tightening of lending criteria in recent months means it is now far more difficult for people to get their mortgage applications approved, reports 24dash.

Ms Gray said people who have come up against this stumbling block still have the option of joint ownership and a shared mortgage.

"It's obviously easier to obtain a mortgage on part of the value of a property than the full 100 per cent," she commented.

Ms Gray added that shared ownership is "perfect" for those who cannot afford to buy on the open market.

According to the Land Registry, a typical property in England and Wales now costs £165,529.

FirstRungNow.com - how to buy a house, from finding your first flat or first house, first time buyer mortgages, shared ownership, buying with friends, gifted deposit, part buy part rent - all a first time buyer could possibly need.

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