Building firms are bringing out plans to help first time buyers onto the housing ladderwith radical new mortgage plans. Many since the credit crunch have stopped all new house building or sealed the building sites up, until they are able to sell the properties again.
Many first time buyers have taken advantage of shared equity schemes (shared new mortgage) which means that they share the equity in their property by owning say 50% and paying rent on the other 50%. This had been a very welcome scheme for key workers or first time buyers for years.
Now the building companies are going to the next stage by supporting the purchase for first time buyers by offering the buyer to mortgage 75% of their new home and the remaining 25% will be funded by an interest loan by the developers themselves. The home buyer retains 100% of the properties title.
It show how desperate some developers are to sell their properties, however JST Financial feel that this offer will not last very long as developers will not want, and may not be able to sub stain getting their profit over years on the drip. JST Financial will also add that this scheme may only last to developers houses on the market now as they will only build house’s they can sell in the future.
With the lack of government help, developers would rather have their houses that are under construction sold. JST Financial mortgage team think this scheme is very inventive and believe from figures shown that it is a very good deal. In the short term developers may sell their over stock, but JST Financial can not see this lasting for long so check out the new developments now.
Another scheme which has become available in some areas by developers is the rent to buy scheme, which allows the house buyer the opportunity to live in the house for 6-12 months to test run the property and area before buying the property.
Apply for a new mortgage loan today and get the freedom you deserve! JST Financial offer a free service and we search a multiple panel of new mortgage lenders to get you the best loan option available. Use our Calculator and see how much you can save.
Applying for a JST Financial new mortgage couldn't be easier; it takes just minutes to apply using our short new mortgage application form. Why not consider developers schemes near you today, pop down and see what they have on offer, you may be surprised ?