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Mortgages First Time Buyers
The good
news for First Time Buyers is that there is an availability of products
previous generations have not experienced. However, quite often the
biggest issue facing first time buyers is whether or not they will be
able to borrow enough to purchase the property they want, coupled with
the fact that the stamp duty applicable to first time buyers is also
adversely affecting them.
The price of properties being considered by first time buyers is rising
faster than the general market. The number of first time buyers is at
the lowest recorded level for 25 years as an increasing amount of people
are priced out of more and more areas.
In many cases, the only similarity between first time buyers is their
lack of an existing mortgage or property to sell. One of the most common
questions asked by first time buyers is how much they can borrow for
their first mortgage.
Stumping up a deposit is usually one of the biggest problems for first-time
buyers. Surveyors claim that the present "slab" approach has
led to problems for first-time buyers, house price clustering, tax avoidance
and impeded mobility. There are as many solutions as there are problems
for first time buyers. There was "real urgency" over the problems
for first time buyers, he said, and the proposal was a short to medium
term way of tackling the issue. However, with current affordability
problems for many (particularly first-time) buyers, this issue is fast
becoming a luxury few can afford to worry about. Yet there is growing
concern that solutions such as clubbing together could create problems
for unwary first-time buyers.
Best Buy Mortgages- First Time Buyers (Discount Variable Rates). Banks
and building societies now offer a much wider range of mortgages for
first time buyers, so it's important to get the best deal..(Author)
(Article Source)
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