Welcome to The Mortgage Guide UK
First time buyers are finding it increasingly expensive to get their first mortgage. Evidence from the UK Council of mortgage lenders suggests that the average cost of a mortgage for first time buyers is now £115,499. This is over 3.3 times the income of the first time buyer and this income multiple is at an …
Continue reading “Increased Mortgage Costs for First Time Buyers in 2007”
WIth the increasing affordability gap between the cost of buying a house and average incomes many first time buyers are taking desperate measures to try an get on the property ladder. Popular options include: Borrowing from parents, Self certification mortagesInterest Only Mortgages One of the best schemes is to try and get some kind of …
Continue reading “First Time Mortgages – Staircasing and Joint Mortgages”
Step One Make the personal commitment to live in your own premises. This should be a given but you must be aware of the rights, responsibilities and social change that go with first time house ownership. There will be no parents or landlord to fall back on for repairs. The utility bills and council tax …
Continue reading “Seven Steps to getting your first Mortgage”
If you are planning the purchase of your first home this year then you need to consider some key areas. The Right Deposit – You need the best deposit you can arrange to get the best deal. The minimum deposit is likely to remain at 10% for the rest of 2010 and the 100% mortgage …
Rising house prices in the UK have made it very difficult for first time buyers in the UK. The ratio of house price to earnings has risen significantly. With average house prices rising to over £100,000 many feel it is hopeless to even try and be able to buy. However despite the inflated house prices …
A brief checklist for buying a house: 1. Workout how much you can afford from your savings plus any mortgage. 2. Deduct the estimated cost of legal fees, valuations, stamp duty etc see below. 3. Find a house within negotiating distance of your budget. 4. Make an Offer. 5. Do your own mental survey of …
Rising house prices in the UK have made it very difficult for first time buyers in the UK. The ratio of house price to earnings has risen significantly. With average house prices rising to over £100,000 many feel it is hopeless to even try and be able to buy. However despite the inflated house prices …
Staircase mortgages are designed for those who struggle to get on the property ladder. The average price of a house in the UK continues to rise, the latest estimation by the Nationwide is that average price is over £140,000. Even with the increased willingness of mortgage lenders to lend higher income multiples many first time …
Continue reading “Staircase Mortgages for First Time Buyers.”