First Time Buyer Mortgages: More Options [mortgageloans-protection.blogspot.com]
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The Land Registry of England and Wales says that the average house price in the UK over the last quarter of 2010 was just over £230,000. And according to the Council of Mortgage Lenders, the typical deposit needed to buy a property is £31,500.
So if you can raise this sort of deposit and you have a regular, provable income, welcome to the world of first time buyer mortgages. There are plenty to choose from, which is maybe not what you want to hear. More decisions!
First Time Buyer Mortgage Lenders
Norwich and Peterborough Building Society, for example, has launched two new mortgages they feel will be appealing to first time buyers. One of these is a two year fixed rate 90% deal at 5.69% with a £995 product fee.
Estate agents Beresfords have seen first time buyer numbers increase by almost 40% in the first quarter of 2011.
Their new 95% mortgage product has been designed exclusively for first time buyers and is just another option on offer to those with minimal deposits.Government First Time Buyer Help
The Government's recently introduced First Buy Direct Scheme offers a fund of £250 million and properties under £250,000 are exempt from Stamp Duty for first time buyers.
First Time Buyer Mortgage Broker Advice
The best thing to do when you're a first time buyer is take independent mortgage advice from a whole of market broker. Choose someone who specialises in first time buyer mortgages so they truly know the market, and select one who can access all the lenders, even the smaller ones, so you are offered the full range of options.
Options you may never see anywhere else, because they are exclusive to mortgage brokers.Remember some mortgage lenders don't advertise their products on comparison websites, and you won't find the full range of deals by speaking to an adviser within your bank or building society.
There are plenty of options out there for first time buyers, even for those with 5 or 10% deposits. Look into your options the right way â€" by speaking to a whole of market mortgage broker.
Your home may be repossessed if you do not keep up repayments on a mortgage or any debt secured on it.
More First Time Buyer Mortgages: More Options IssuesQuestion by Buzzer4: Do tenants have first option to buy their rented accommodation if the owners default on their mortgage? We have been living here for more than 2 years and always paid our rent on time. We are being evicted now as the bank is foreclosing on the property. Is there a way that we could get first option to buy it and if so, will they want full market value for the property? This is in the UK. Best answer for Do tenants have first option to buy their rented accommodation if the owners default on their mortgage?:
Answer by MadMan
No, you do not have first dibs. You can contact the bank and see they sell their property through and make an offer there. And yes, they will want as much as they can get for it.
Answer by linkus86
You do not have the sole first right to buy, but considering your standing you would likely be the first person to contact the lender to seek purchasing the property after foreclosure. But instead you might want to consider approaching the owner and offering him the loan pay off amount to allow him to walk away from the debt free and clear, as it may be less than what the lender will demand for the property.
Answer by Iffy
No you put in an offer like anyone else
Answer by Zarg222
no - you are a renter - why would you have any dibs - bank owns it and they will want as much as they can get
Answer by justins
Unfortunately No. The bank now owns the property and will hold it until they can get the most for the property sometimes holding it for way to long and turning down offers at their listing price. Very confusing buying from the banks. I would suggest looking for a new place to live. The banks are not real estate investors and have no clue how to manage or sell a property. They seem to hold hold hold then dump off for next to nothing when people wanted it a years ago for twice the price.... Sorry to rant and good luck to you. www.ibuyohio.com
