New Mortgage options for first time buyers

15/02/2008

Struggling first time buyers who are looking for a mortgage may now see light at the end of the tunnel.  A new mortgage website launched by smartsharedhomes.co.uk open the market to offerings allowing first time buyers to partner with another person to buy their first home.

Underlying issues such as the cost of ownership of housing has been affected by the taxes associated with buying a home and the year on year property price values.

The thinking behind the concept is to allow individuals who for economic and market pressures cannot commit to buy a property on the own.  The site brings together other potential buyers who are facing the same pressures and circumstances with the hope of putting these people tighter to achieve their housing goals.

According to the Managing Director of SmartNewHomes, David Bexon “said not everyone can rely on financial help from parents or has friends or family with which they can buy their first property.  He added further added “With the average home costing over £150,000 for a first-time buyer, affordability is a problem”.

Lending statistics have clearly shown that there has been a drop in new mortgage applications with an annual low of 35 per cent.