The government has revealed details of a new strategy which will be introduced to help people find new homes and get on the property ladder.The government has revealed details of a new strategy which will be introduced to help people find new homes a
(prHWY.com) December 6, 2011 - London, United Kingdom -- December 06, 2011 - The government has revealed details of a new strategy which will be introduced to help people find new homes and get on the property ladder.
The housing market in the UK has been very sluggish and mortgage approvals have fallen dramatically as many lenders now require a significant deposit which younger buyers may not have.
One of the key aspects of the new housing strategy will be to help first-time buyers get mortgages, by guaranteeing lenders against their losses to encourage them to lend to those who are trying to get on the property ladder.
The aim will be to encourage lenders to provide 95% mortgages for newly built homes to help more people purchase their home and increase confidence amongst lenders.
As well as encouraging more mortgages, the strategy will also support the construction industry. Finance will be available to support small and medium sized building companies, and public sector land will also be freed up to allow for the construction of around 100,000 new homes and support 200,000 new jobs in the industry.
First-time buyers that are looking to purchase their first property need to first work out how much money they would require for a deposit to work out what type of mortgage they could get and the amount that they could spend on buying a home. Using a mortgage allowance calculator can help you figure out your finances and decide which type of mortgage you should be looking for, as well as how much you could reasonably expect to borrow and how much you monthly repayments would be.
As well as using a calculator, you should also consider using the services of a mortgage broker to help you find the best deals. Depending on how much you have for a deposit, there are a variety of mortgages available so using a broker can help you search the market and wade through the different types of mortgage being offered to help you find the one that best suits your requirements.
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