The Bank of England recently cut interest rates from 0.75% to 0.25% in an emergency move to boost the economy on the 11 March this year. This cuts will affect borrowers differently depending on the type of mortgage they have.
Shared ownership is a housing scheme that offers first-time buyers the opportunity to buy a share of a property and pay rent to a housing association at a reduced rate on the remaining share. Who does it benefit? Shared ownership benefits those who can only afford a small mortgage and those who have a smaller …
When you want to purchase your first home, or when you need a new car, but you do not have the cold cash for such a purchase, the first thing that comes to mind is to borrow money. There are several ways and means to borrow money and nowadays, borrowing money is no longer limited to bank loans. Nonetheless, lenders need to secure the money they lend, which is why there is a need for a mortgage.
For a couple who just got married and starting a family of their own, buying a house is a big milestone. This is also true for a young professional who saved just enough, but is ready to embark on a new life’s journey. Buying one’s own house entails the need for courage. Nonetheless, there are several ways to ensure that you stay within your budget to guarantee that you will not bite what you can’t chew.
Buying a house is likely to be the biggest purchase you make in your lifetime so it can bring with it a roller coaster of emotions from excitement and elation to stress and anxiety. The process of buying your first property can leave you feeling rather overwhelmed and it’s easy to see why first time …
Parents in the UK are saving their children thousands of pounds a year by allowing them to live at home with them well into their 30s. With property prices so high in some areas of the UK, young adults are reluctant or simply unable to get a mortgage and onto the property ladder. And with rental costs also high across the country, many are opting to live at home with Mum and Dad.
Buying a house is both exciting and stressful at the same time and whether you are a first time buyer or climbing the property ladder, you are guaranteed to receive lots of advice throughout your house buying journey. Now some of this advice will be helpful of course, however, some advice although given with best intentions intended, may not be so helpful.