With Rightmove reporting increased demand for houses and property listings at an all time low. First time buyers are struggling to save the deposits which lenders are currently insisting on to purchase in today’s market. So the alternative is to buy via a Shared Ownership scheme.

The housing market isn’t moving and this is creating a build up of first time buyers who would are still trying to get on the property ladder this isn’t going to change and demand will build. Click n go Mortgages have seen a huge increase in the number of new enquiries this month.  Owning your own house is still seen as life goal for most people and the thought of renting and paying someone else’s mortgage is just not cricket.

To quote Margaret Beckett “first-time buyers should snap up bargains amid signs of a property market ‘upturn’.The Bank of England has reduced interest rates to help stimulate the economy and prevent a deeper and longer recession. Before you fall in love with a house and pay a holding deposit sometimes required by some builders you should get your shared ownership mortgage approved.

First time buyer’s looking for shared ownership properties have quite a few options here is a few of the shared ownership mortgage rates and some of the lenders criteria available today that might help you make your decision a little easier.Abbey with a 10% deposit available for house, however if the property has been built in the last 12 months you will need a 20% deposit. There is a five year fixed rate at 7.09%. You need a 30% deposit for a new build flats.

Nationwide a 15% deposit required for houses and a 25% deposit for new build flats. Current rates are 4.19% this is for a 2 year tracker or a 4.59% for a 2 year fixed. They do not accept most benefit incomes, however they do accept 100% of your current P60 figure regardless of whether basic or overtime time and bonuses.

Leeds requires a 10% and currently offers a 7.89% for a 3 year fixed rate. Currently have very good service levels which can be a major factor in this market.

Halifax requires a 10% deposit this will secure you a mortgage rate of 7.49% fixed for a 5 years. You could reduce this to a tracker rate currently 4.09% by increasing the deposit to 25%.

Woolwich a 10% deposit is required, the current rates available is 6.79% five year fixed rate. This fixed rate is a very popular product in today’s market; this in turn affects the service levels.Theres is a lender offering a 100% shared ownership mortgage, the maximum rate is 13.75%. This applies to people who have had 3 County Court Judgements (CCJ’s) in last 3 years. There is a slightly better rate of 12.75% Applies to people who have 2 CCJ’s in the last 3 years. The interest rate is also affected by whether you pay the mortgage fees, or whether they are included in the 100% figure.Appetite to lend plays a huge part in the lenders decision to offer attractive deals. It’s vitally important to speak to a broker who has access to the whole market and fully understands the latest products, criteria and service levels to ensure you get correct advice to suit you personal circumstances. No one wants to waste time and money falling in love with a property when you don’t even know if you can get a shared ownership mortgage.

If you want to know more about first time buyer schemes including shared ownership & shared equity mortgage schemes, then contact Click n go Mortgages here.

There was huge contraction in the amount of mortgage lending in 2008. The credit crunch has swept through the housing market and all but obliterated most of the mortgage deals that were available in 2007.

 The CML figures show total lending is down by a third on 2007’s figure of £364bn and is at its lowest level since 2002, these figure demonstrate the impact of the credit tightening on the market. Mortgage lenders pulled there high loan to value deals that were attractive to first time buyers as they found it increasingly hard to raise the funds as the money markets dried up and the cost of inter bank lending started to rise.

Most lenders still don’t have any high loan to value mortgage deals available as they are still wary of first time buyers. They have adjusted there credit score to ensure only the best clients qualify. For a first time buyer to stand a chance and that includes shared ownership and shared equity purchases you must tick all the correct boxes.

The government has outlined its new proposal this week to help unfreeze the market and get lenders lending again. But if lenders open there doors again to new business will people be reluctant to buy whilst house prices are still falling.

If you want to know more about first time buyer schemes including shared ownership & shared equity mortgage schemes, then contact Click n go Mortgages here.

Banks need to use these facility’s to help breath life into the failing housing market as First time buyers and home movers continue to window shop.Right move has reported that supply remain constrained due to a falling housing market. There were 43,000 new listings in the month to January 10, compared with 89,000 in the same period last year, with inquiries rising to 429,560 in four weeks to January 10 from 199,762 in the same period last year.

The Governments second package of new measures are aimed at helping the banks provide new lending to first time buyers and home movers, shared equity and  Shared Ownership purchases. It’s this market that is suffering the worst, as lenders require a substantial deposit. With out this activity the housing market is slowly grinding to a halt.

Council of Mortgage Lenders director General Michael Coogan said: ‘At long last, the government has announced a comprehensive and coordinated package of measures sufficiently large in scale to have an impact on improving the flow of new lending.’

Northern Rock has been given longer to pay back its loan. This will give the lender more flexibility to offer new lending to help boost the economy.

If you want to know more about shared ownership & shared equity mortgage schemes, then contact Click n go Mortgages here.

When the market does turn, first time buyers will re-enter the market, driven by the renewed affordability of owning over renting. With lenders cautious on loan to value ratios, there will be new types of shared ownership and shared equity schemes to be in high demand.

This will not only be amongst households which qualify for the Government’s Homebuy scheme. There will be more opportunities for private Shared Ownership schemes to meet demand from more affluent households with limited equity, they will sell there home and rent it back.

Margaret Beckett warns would-be first-time buyers not to delay in the hope of further price falls, because “when the upturn comes, there will probably be a mad rush”. She has just launched a shared equity scheme to help first-time buyers purchase Barratt homes.

Most people believe that paying rent for years is as good as throwing money down the drain, the British perception of renting isn’t going to change. Estate agents are reporting an increase in new enquiries, there is still a demand for property that isn’t going away.  

If you want to know more about shared ownership & shared equity mortgage schemes, then contact Click n go Mortgages here.

New rescue package to help bank’s start lending again. Gordon Brown will announce plans to guarantee mortgage lending tomorrow. Will this be the news first time buyers have waiting for?

Banks need to start lending again to prevent the housing market sliding further. With little or no confidence in house prices most buyers are sitting on the fence waiting for prices to stabilise before they risk purchasing their next house. This is unlikely to happen until credit becomes available again.

There is hope that the Governments new attempt to stimulate the mortgage market will prevent the housing market crashing even further. Ever since securitisation collapsed in 2007 lending has dried up all but for a few customers with the best credit records and a large deposit.

 The new bail out package which has been recommended by ex-bank boss Sir James Crosby is specifically aimed at boosting the mortgage market. This in turn would help property prices stabilise. It’s the shortage of affordable mortgage loans that is contributing to the slide in house prices. First time buyers have been priced out of the market.

If you want to know more about first time buyer schemes, then contact Click n go Mortgages here.