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Property
Beyond Reach
The Halifax has recently predicted that first-time buyer problems
will increase into 2004 as the majority of properties in all regions
of the UK get beyond their reach. The company reports that the lack
of affordable housing stock in the UK, in particular the South East
and London, is contributing to the upward pressure on house prices.
This has (yet again) affected first-time buyers in these areas.
What
are the best options?
Where first time buyers are married or in a long term relationship
the 'combining' of incomes may help in getting a lender to allow
you to borrow a sufficient amount of money. 'Earnings multiples'
which are used to calculate how much individuals or partners can
borrow vary widely between the hundreds of banks, building societies,
and specialist lenders. We can help
as we search through over 4,500 mortgages from 150 lenders to provide
an invaluable comparison.
Joining
forces with friends
It has also become common for first time buyers to join forces with
friends to purchase a property. The combining of savings and earning
power means that such people all get the chance to climb onto the
property ladder. Hopefully, continued growth in property values
means that a share of the profits will allow each person to go it
alone at a later date. Legally, structuring such arrangements are
relatively straightforward. However careful advice and thought needs
to be taken before entering into a joint property venture as there
are a number of important implications to evaluate, not least of
which is 'what if we fall out'?
Going
it alone
If you are in a financial position to buy your first property then
congratulations. But make sure you have the right mortgage advice
- with hundreds of lenders offering literally thousands of mortgage
options. A typical mortgage runs for 25 years and as such making
a poor decision can cost many £thousands in extra interest
and charges. Be aware of setup and potential penalty fee's and take
judicious and expert advice on variable or fixed rate interest.
How
can we help?
Find out now.
Call one of our team on 08704 28 28 29*
for
impartial and invaluable advice on all of the topics discussed here.
We search through over 4,500 mortgage products from 150 lenders
to provide a valuable comparison.
*
Lines open Monday - Friday 8.00am - 10pm. Calls charged at local
rate. Calls are monitored and may be recorded for training purposes.
Operated by Asset Design Limited, authorised and regulated by the
Financial Services Authority .
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