Cheap Offset Mortgages
Help For First-Time Buyers part 1
Putting that very first foot on the property ladder is getting harder and harder for First Time Buyers (FTB’s for short). With house prices rocketing, if you are a wannabe FTB, finding the money to buy your own home is nigh on impossible.
So what options are there for people looking to buy their first home?
One option is to buy with a friend. A lot of room mates who have rented together now are buying together. It makes sense and by having two incomes instead of one, you may be able to get a mortgage okay.
Obviously, you will need to discuss ‘what ifs’ beforehand. For example, what will happen if one person wants to sell but the other doesn\'t? So do set the ground rules and ensure that you each have your own solicitor to look over the legal documents. This means that you are both protected should the friendship go wrong.
The lodger mortgage
There are now mortgages available which take in to account anticipated extra income from having a lodger. A homeowner can earn up to £4,250 a year tax-free under the Rent-a-Room scheme. This amount may be the difference from not being able to afford to being able to afford a mortgage.
Ask the parents!
Many FTB’s are now getting help from their parents when taking out a mortgage. The most common way is by them providing the deposit. If this isn’t feasible, see if they will buy a share of the house with you, which you can buy back later.
Another option is to ask that they act as a guarantor. This means that if you fail to meet your monthly repayments, they are legally bound to make them for you. However, this is a big financial commitment for them that they may not wish to make!
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