Think you’re not able to get your foot on that property ladder? Think again!

In the current climate, many people see home ownership as an impossible dream. Trying to get a foot on the property ladder can be a real struggle. Many people are leaving university with a huge debt behind them and starting low paid, entry level first jobs. Being able to save enough money for a deposit is a common problem.

But the government has introduced a number of different Help to Buy schemes, all aimed at those struggling to buy their first home.

We’ve explained them all for you here, to try and help you navigate the maze.

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Posted in First Time Buyers

Amazing New Mortgage Deals Released

Last month saw the release off two great offers from different banks, making it even more achievable for you to own your own home.

The Bank of Ireland UK has announced a range of 95% loan-to-value (LTV) mortgage deals to replace the government’s Help to Buy mortgage guarantee scheme which came to a close at the end of 2016.

The purchase-only scheme includes three products which come with a minimum loan size of £50,000.

Deals in the scheme are a two-year fixed rate at 3.89%, a three-year fix at 3.98% and a five-year deal at 4.09%.

The bank stated that it hoped its range will give greater opportunities to first-time buyers, particularly those who are struggling to save a deposit.

Alison Pallett, Director of Sales at the Bank of Ireland UK, said: “We believe that first-time buyers are integral to the long-term health of the housing market, helping to stimulate activity at all stages of home ownership. We hope that this new proposition will help to enable the next generation of home owners to take their first steps onto the housing ladder.”

It was also announced last month by Clydesdale Bank that they will be waiving the valuation fee on their first time buyer range, but for a limited time only.

They are currently offering FTB products including a two-year fixed rate at 3.59% up to 95% LTV. Three-year fixed rates start from 2.89% up to 90% LTV and 3.99% at 95% LTV.

The bank is able to lend up to five times the income (sole or joint) of mortgage applicants, depending on the overall affordability.

They are also reducing rates across its mortgage range by up to 0.50%. Two-year fixed rates now start from 1.34% at 75% LTV. Five-year fixes are available from 2.04% at 75% LTV, rising to 2.19% at 80% LTV.

Here at Limetree Financial Services, we are able to access offers from Clydesdale Bank, where not all brokers can. So do call us today for more information about this incredible deal while it lasts!

Posted in Mortgages, News

Major lender to pay first-buyers’ stamp duty

First-time buyers spend years struggling to save enough for a house deposit and often the stamp duty tax is a step too far. A new mortgage giving prospective home buyers a helping hand has just been launched by a major lender and as a result, another barrier to owning your first home has been lifted.

This new mortgage deal will be welcome news to first-time buyers who have found it difficult to get their foot on the property ladder due to soaring property prices and the high cost of stamp duty.

An exciting fee-free cashback offer, Barclays has launched the Homebuyer Cashback Mortgage which helps first-time buyers to recover the cost of stamp duty on their new purchase. Moreover, buyers will also have the flexibility to spend the cashback in any way they choose as the payment is made direct to their bank.

Borrowers will need to save a 20% deposit to qualify for the five year fixed rate deal with a rate of 2.69%. Full stamp duty cost will be covered on properties up to £250,000 and properties above this value, up to £500,000, will receive £2500 as a contribution to stamp duty costs.

Other banks have cashback offers but currently none are paying as much as Barclays. However, there are alternative deals on the market with lower cashback offers and lower rates so it’s important that all options and costs are considered.

Do your research or speak to your mortgage advisor to ensure you get the most suitable, cost effective option for you.

Posted in First Time Buyers, Mortgages

Still on the up: house prices rise fastest in the East of England

If you own a house in the East of England, the good news is it could be worth considerably more than it did one year ago. According to the latest figures published by the National Office of Statistics, annual growth in house prices in the region rose by 13.3% in the year to August 2016, outperforming the South East at 12.2% and London at 12.1%.

The  UK House Price Index showed that growth was strong across the country, with average house prices increasing by 8.4% compared to 8.0% in the year to July 2016. That means, across the UK, the average house will set you back £218,964.

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Posted in High Net Worth, Market Watch, Uncategorized

As borrowing drops in July, is this the start of Brexit blues?

It’s now nearly three months from the shock result of UK to leave the EU. We’ve been told that “Brexit means Brexit”, but for the time being, nobody seems to know exactly what will happen next – politically or economically.

In terms of property, such uncertainty breeds uncertainty – and borrowing has dropped considerably. According to data from the Council of Mortgage Lenders, total borrowing by house owners was £10.6 billion in July 2016 – down 13% compared to the previous month and a 12%.drop compared to the previous year. At 58,100, the total number of loans taken out by homeowners was also down 14% month on month and 13% year on year. First-time buying also took a hit – down 19% month on month and 6% lower than June 2015.

So should we be worried about a slowdown? A drop in borrowing can suggest a cooling off in the market, but there may be factors other than the referendum result at play here.

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Posted in Market Watch, Mortgages, Remortgaging, Uncategorized