Mortgages will get easier
The picture is looking brighter for those looking to buy a new home in 2012.
The Coalition has launched a scheme to underwrite mortgages worth hundreds of millions of pounds for new homes. The Prime Minister promised tough action to help young people own their own home. Many are finding it impossible to get a loan because banks demand deposits of 20 per cent from first-time buyers.
He announced the introduction of the scheme with Nick Clegg in a bid to help 'unstick' the housing market. They confirmed the raft of new measures on a visit to Boxgrove Gardens in Guildford, Surrey.
Developers will be able to build homes on public land and pay the Government for it only once they are sold. The Government will also back builders who want to develop sites they own, but cannot use as they cannot get finance from banks. Public money will be put into the freehold only to be paid back once homes are sold.
The Prime Minister said: 'The housing market has got stuck. We are determined as a coalition Government to unstick that market, to get the market moving.' Mr Cameron said he wanted to make 'the dream of home ownership' a reality for more people.
'It's not just about the economy, it's also about people's hopes and dreams,' he said. 'You always remember that moment, if you've done it, when you get that key and you walk into your first flat, it's a magic moment.
Top Fixed Rate deals we've found this month, from www.moneysupermarket.com include;
- Leeds Building Society - Fixed rate of 2.29% until January 2014. Maximum loan to value: 70%
- Santander - Fixed rate of 2.35% until February 2014. Maximum loan to value: 60%
- Ing Direct - Fixed rate of 2.94% until February 2015. Maximum loan to value: 60%
- Chelsea Building Society - Fixed rate of 2.00% until January 2015. Maximum loan to value: 70%
- HSBC - Fixed rate of 3.28% until March 2015. Maximum loan to value: 60%
Please check www.moneysupermarket.com or other mortgate comparison sites for more details.
Disclaimer: Harrison Homes is not a mortgage broker or financial adviser of any kind. This article appears as a general service to provide helpful and topical information to our customers. All information was correct at the time of publication, please note that lenders change their rates and terms for mortgages on a daily basis. Please check the latest information and all small print provided by your financial adviser or mortgage provider.