11
Jan
First time buyers to receive more help getting on property ladder
There is growing optimism that first-time buyers will be able to
get their foot on the housing ladder with a deposit as small as
five per cent, according to an expert.
Paul Broadhead, head of mortgage policy at the Building Societies
Association, said that the government announced in its housing
strategy that guarantees will be placed on higher loan-to-value
lending.
This could see first time buyers investing in
property for sale in Sussex with a smaller deposit than the
more commonly seen ten or 15 per cent used at the moment.
"The size of the deposit that they need to raise is a barrier to
them getting on the housing ladder and, naturally with the economic
situation that we face today, they are concerned about employment
levels, activity in the labour market and whether they will still
be in employment," Mr Broadhead explained.
His words came after Barclays revealed that UK homeowners were
enjoying some of the most affordable mortgage rates seen in the UK
for the past ten years.