Affordability Crisis
The UK is emerging from a 15 year spell of rising house prices which has made an estimated 70% of towns unaffordable for key workers *
Affordability has been thrust to the top of the political agenda as house prices have risen faster than wages, and home ownership been made increasingly difficult for first time buyers.
But with various schemes being introduced to offer help getting on the property ladder, it might not be as difficult as you think to be the proud owner of your own bricks and mortar.
The Government-led HomeBuy programme enables key workers, such as teachers, to buy a share in a home and pay rent on the rest. The scheme targets professions on modest incomes who can't afford to buy a home, and can allow them to upgrade to a larger home as their family grows.
A growing number of first time buyers are looking to club together and get a 'mates mortgage'. Teachers Building Society offers a mortgage application for up to four people as long as one is a practicing professional in the education sector. The scheme means a group can combine their deposit money and share mortgage repayments so they have access to a larger loan.
Teachers Building Society also offers a 100% mortgage and a guarantor plan for newly qualified teachers who need help in buying their first home. The application process can start as soon as teachers receive a confirmed letter of employment from their LEA.
*Halifax 2007
Bookmark With:
Facebook
StumbleUpon
Digg
Delicious
reddit
