First Time Buyers

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First Time Buyers

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kharewood

Posts: 1
Joined: 4/5/2008

First Time Buyers

Hi!

I'm putting together a scheme with the aim of providing more First Time Buyers with easier access and wider choice as they take the step onto the first rung of the property ladder. I'd be really grateful if you could stop by at the link below with your thoughts.

thanks so much! Karen

surveymonkey.com/s.aspx?sm=06RjWkNdrBk_2fd611DjfmqA_3d_3d

< Message edited by Admin -- 24/6/2008 3:21:29 PM >

Report Abuse | Date 4/5/2008 9:23:03 AM

Propertyman

Posts: 1
Joined: 25/3/2008

RE: First Time Buyers (in reply to kharewood)

Evening Karen

My name is Jonathan and I operate Thepropertybid.com, which is an online property auction site. I too am seeking to reach out to first time buyers.

When are you hoping to launch your scheme?

Regards

Jonathan

Report Abuse | Date 11/5/2008 9:22:50 PM

Donaa Francis

Posts: 5
Joined: 24/6/2008

RE: First Time Buyers (in reply to kharewood)

Hi, I'm new to the board. Sorry for asking obvious questions!

Why are you particularly looking for first time buyers? Do you believe that they are more suggestive to acquisition-arguments?

Report Abuse | Date 24/6/2008 2:35:50 PM

KarlB

Posts: 2
Joined: 28/10/2008

RE: First Time Buyers (in reply to kharewood)

Hi all

First post here.

Thought I would point out that there are currently several schemes aimed at first time buyers getting a foot onto the property ladder.

These include schemes such as the "my choic homebuy" scheme which allows an individual to obtain an equity loan from the government for between 15% and 50% of the value of the property they wish to purchase. This loan is then essentially used as a depoit and the remainder of the purchase price can be obtained via a standard mortgage. The equity loan from the government is charged at a very low interest rate (less than 2%).

This allows TFBs to purchase a property without a deposit, although they will need cash for the associated costs.

There are a few restrictions with the scheme, such as a maximum property value which will vary depending on the area, but it does have the benefits of allowing the purchaser to obtaina mortgage at the more competitive rates as they won't be borrowing at a particularly high loan to value.

A good mortgage broker should be able to help the individual obtaint a competitive mortgage and have information on the schemes available.

Hope this is usefull.

Report Abuse | Date 28/10/2008 3:54:16 PM