Difficulties raising deposits for ever-inflating house prices are driving more aspiring homeowners to turn to shared ownership to get onto the property ladder, a mortgage lender has revealed today.
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FTB mortgages up to 17% cheaper than renting, Lloyds says
The average first-time buyer mortgage with a 5% deposit is typically up to 17% cheaper than renting, with an annual saving of £2,700 per year, a report has said.
Read MoreMortgage with your mum? The rise in families buying together
First-time buyers are increasingly looking to open a joint-mortgage with a parent to get a foot on the property ladder – a step along from the old bank of mum and dad idea.
Read MoreBanks will offer first-time buyers ‘more firepower’ to get on property ladder
HSBC UK and First Direct have announced changes to their mortgage lending policies, to help some buyers take out bigger loans.
Read MoreThe huge number of first-time buyers relying on parents for a deposit revealed
The vast majority of first-time buyers are now leaning on parents, research shows.
Read MoreMedieval West Midlands market town is cheapest place in the UK for first time buyers, according to Lloyds
It is worthwhile to consider buying home in this West Midlands market town if you’re wanting to climb the property ladder.
Read MoreThings that are likely to get you turned down for a mortgage
It now takes the average first-time buyer more than 12 years to save for a house deposit. But personal finance experts say issues such as your deposit, your credit score, and your loan-to-value ratio can make a huge difference, particularly when it comes to being approved for a mortgage, and then getting a good rate.
Read MoreMajor update for first-time buyers in England after vital perk scrapped
First-time buyer schemes with tiny deposits to get you on the property ladder quicker have been revealed – as a vital deal ends this week.
Read MoreNew mortgage rules will help 80,000 renters onto property ladder for first time
Rule changes mean buyers could borrow up to £40,000 more than before, easing affordability pressures, it has been revealed.
Read MoreUK mortgage guarantee scheme due to end with no news on replacement
More than 53,000 mortgages have been completed using scheme, which encourages lenders to offer up to 95% loans.
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