Friday, August 20, 2010
Category:
Property
According to research from the Halifax, monthly mortgage payments as a percentage of income are almost half of the level recorded in 2007. However, more than half of first time buyers reportedly claim that affordability is the primary reason for them not being on the property ladder.
‘The UK's largest first-time buyer lender’ has pointed out that lower house prices combined with interest rate reductions have significantly improved monthly costs for first time buyers. Furthermore, it has been reported that 94 percent of first time property purchases are now exempt from stamp duty, which has helped 54 percent of first time buyers, by their own admission, purchase their homes.
Commercial director for mortgages, Stephen Noakes, said: "We believe it's important that first-time buyers understand that whilst there are still challenges in raising deposits, other market conditions are more positive. Affordability has significantly improved, meaning the amount of a typical first-time buyer's monthly pay packet that needs to be dedicated to their mortgage is now below the 25 year average and importantly, despite perceptions, eight out of ten first-time buyer mortgages are approved."
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New homeowners who would like to put their personal stamp on their property, but do not have the funds required to do so, could consider taking out a
secured loan. One of many finance options available, a secured loan for home improvements could enable borrowers to transform their house into their ideal home. A garden landscaping project, an extension, a loft conversion, redecoration and refurbishment are all possible projects which might be carried out with a secured loan.
