Five ways for first-time buyers to get on the housing ladder
Summary
The article talks about different ways that can help first-time home buyers get their own house. It includes starting to save early, exploring low-deposit mortgage options, thinking about shared ownership, and considering an 'income boost' mortgage.Key Facts
- Mortgage rates, which are the costs you pay to borrow money to buy a house, are expected to come down.
- The average deposit for a first-time home buyer is £34,500.
- A Lifetime ISA (individual savings account) gives bonuses for those who are saving to buy their first home.
- Low-deposit mortgages, where you don't need to save as much money before taking the loan, are becoming more available.
- Shared ownership is an option where you can buy a portion of a house and pay rent for the rest.
- ‘Income boost’ mortgages let homebuyers add family members to their mortgage to borrow more money.
- Digital mortgage broker Tembo and some others offer help to first-time buyers.
- Some options may not work well for self-employed homebuyers because of strict loan rules.
Read the Full Article
This is a fact-based summary from The Actual News. Click below to read the complete story directly from the original source.