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Chris Borthwick - ArticlesDeciding on When to Enter the Mortgage MarketThe best advice is to ask the professionals that would be going to an established mortgage broker who will understand trends and will be watching the market closely. If you can afford a mortgage it may be the best time to go for a mortgage as house prices are unlikely to fall much further and it is predicted mortgage costs are going to rise for lenders. Overpay Your Mortgage or Save the Money?Savings rates have shot up recently and it is now possible to find savings accounts that offer 5% per cent interest. If you can find a savings account that offers net interest at a higher rate than your mortgage then it would be more beneficial for you pay into the savings account rather than overpaying your mortgage. Shared Home Ownership Is the Way ForwardTo avoid the need for a deposit or to get a better deal on a mortgage you could go down the road of asking a parent or close family member to take an equity stake in the property. Steps to making the most of the LIFT Mortgage SchemeIt is also important to find at least one home that you would like to buy the reason for this is once a LIFT application is approved you only have twelve weeks to use your given allowance. Getting Professional Advice from a Mortgage BrokerYou can get personalised advice on the best products for you, the current market state and market trends from a broker who hopefully has had at least a couple of years experience in the market. What you need to know about the LIFT schemeThe fine print of LIFT scheme reveals some key points to help you assess if you are likely to be accepted and rules that apply such as equity stakes that you need as a minimum and the role you accept in signing up the LIFT scheme. Most Common Questions asked for the LIFT schemeThe most common questions that are asked about the LIFT scheme are answered. The lift scheme is aimed at those on low incomes. There are two schemes; the new supply shared equity lift scheme and the open shared equity scheme. Get a Mortgage without Saving for a DepositIf family assistance isn’t an option then there are government schemes that are there to help individuals and families with the purchase of their first home. The LIFT mortgage scheme in Scotland is for those who aren’t able to financially afford a mortgage on their own. Government Can Solve Your Mortgage WoesThere are a couple of different shared equity schemes available. Depending on where you live in the UK you can apply for government assistance. If you live in England the scheme is known as HomeBuy and in Scotland the equity schemes come under LIFT. Shared Equity Schemes to give you a BoostThere is a number of shared equity schemes that can help you get over the hurdle of these large deposits that are required. There are quite a few options from ones where you can help from family and friends as well as the government.
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