Affordable Housing and First Time Buyers Mortgages
Article by Easyswitch Mortgages
Even with house prices in the UK suffering as part of the wider economic problems, many people are having trouble getting on the property ladder. The average house price in many parts of the country is much more than first time buyers mortgages will cover, and so it’s important to keep track of affordable housing projects.
As a first time buyer, mortgages products can be confusing and you might be worried that you won’t get a mortgage that covers the property you want. By looking at affordable housing, you could turn your home-owning dream into reality. Most new-build housing estates must now contain a certain proportion of affordable housing, and choosing this option gives you several benefits:
Mixed housing area – a new estate will include a mix of housing, which means that you will be in a varied community, with the possibility of upgrading to a bigger property in the same area when finances permit.
New home – new builds come with good guarantees and will be fitted out in contemporary style, so you shouldn’t have to worry about a survey throwing up major problems or having to put money aside for home repairs in the same way you would with an older property.
Incentives – property development companies often use a range of incentives to encourage people to buy property on new estates. Check out the new build areas near you and see if you can get a favourable deal.
Once you’ve found affordable housing in your area, you could find that first time buyers mortgages are easier to come by because you’re getting a good deal on a new property from an established developer. If you’re ready to become a home owner, talk to an independent mortgage advisor today, so that you can find a product that’s relevant to your needs and affordable for your finances.
About the Author
At Easyswitch Mortgages, we offer professional, independent advice on a range of financial products, including first time buyers mortgages. Visit us today to find out more.