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Home > Service AT Your Finger-Tips (Issue No.20)
Service AT Your Finger-Tips (Issue No.20)
Myfirsthomeltd. Newsletter
Editor’s Letter Anyone wanting to buy their first home with a household income below £60,000 will qualify for an interest-free loan of up to 30 per cent of the value. This can be seen as an attempt to address the loudest complaint of recent months: that mortgages at an affordable rate of interest are restricted to those with large deposits. The advances that first-time buyers had become used to, of 95 per cent, 100 per cent or even more, against a self-certified declaration of income, are now a thing of the past. It is a hard-hearted person indeed who would point out that the increase in repossessions is all-too-predictable proof that the inflated mortgage party is over. But it is true, for all that. And it poses a real dilemma for the Government: what to do about those who have borrowed imprudently in times of plenty and now find themselves threatened with homelessness, at a time when social housing is in desperately short supply. The solution offered by the government, enabling overstretched owners to sell all or part of their home to a council or housing association and rent it back, is an idea that owes much to the imaginative thinking broached by the Liberal Democrat Treasury spokesman, Vincent Cable. It is a good idea, and one that is least likely to distort the market. The same cannot be said of the interest-free loans for first-time buyers. Not only could such loans push prices up, but it has to be asked whether ministers really should be trying to make it easier for deposit-less first-time buyers to enter the housing market at all. Is it wise for anyone to buy a home entirely on credit at a time when prices are falling? The more closely the proposed interest-free loan is examined, the less it looks like a measure that will help hard-pressed first-time buyers and the more it looks like a sop to overstretched construction companies complaining about being stranded with unsold stock. What is happening in the UK housing market is a correction, prompted in part by the global "credit crunch" and in part by our very own inflated prices. This correction might be painful for existing home-owners, and the many branches of the economy that fed off the bloated market. It is certainly painful for a government that relied so heavily on housing credit to keep the economy growing. But it is the best possible development for first-time buyers, whose interests will only be damaged by government intervention that tries to buck the market. What is needed is not tinkering of the sort announced with such fanfare yesterday, but a return to sound economic basics. Myfirsthomeltd team hope you will enjoy making your way through our newsletter as much as we do, thus contributing to making home hunting easier, enjoyable and rewarding.
We welcome any feedback from our readers and clients. Please send your thoughts to: info@myfirsthomeltd.com
Or Myfirsthomeltd.co.uk respects your online privacy. If you would like to be removed from future mailings, you may unsubscribe by clicking the link below. To unsubscribe from receiving further copies of this newsletter, click Onlink, alternatively you may email us at info@myfirsthomeltd.com expressing your instruction. Join Our First Time Buyer Community JOBS - Recommend a friend & get rewarded Buying Your Home – Free Mortgage Advice Looking for a Mortgage – Free Mortgage Advice Is your DATA safe? For a free 30-day trial (no credit card required) please visit: mfhltd.DATABU.com (please copy and paste onto address bar) EXPRESS YOUR OPINION, VIEWS OR THOUGHTS ON ANY OF THE ARTICLES BY JOINING OUR READERS CORNER - PLEASE CLICK ON THIS LINK TO REGISTER NOW! For the first-time in several years a slow down of the Housing market, has resulted in house builders and developers having large numbers of homes waiting to be sold. To ease their slow moving stocks, they have begun offering buyers incentives and reduced selling prices considerably. It has been well publicised, that many first-time buyers are struggling to get on the property ladder in the United Kingdom. With the commencement of the ‘home buying season,’ myfirsthomeltd.co.uk is launching ‘Service At Your Finger-Tips’ with the objective to further assist first-time prospective purchasers, onto the property ladder. This service is designed to bring house hunters into direct contact with professionals within the industry. We all lead such busy lives nowadays and it’s not surprising that we sometimes struggle to fit everything in. Home hunters finding their dream home is no exception. So whether you’re a first-time buyer too busy with work to look for your first home, an investor looking to expand your portfolio, or busy parents desperate for some more space, but struggling to find time to look between baby-sitting and raising your children. First-time buyers registering with www.myfirsthomeltd.co.uk will have free access to our newsletters, magazines and information centre. Designed to make house hunting easier, enjoyable and rewarding, giving prospective purchasers:-
Technology is transforming the way we search for our next home. Gone are the days when people’s property searches begin with the nose pressed against an estate agent’s Window and hours spent browsing through publications and driving through neighbourhoods. For many first-time buyers, the starting point is instead the internet. For a new experience visit: www.myfirsthomeltd.co.uk and register immediately via the following link: Service AT Your Finger-Tips
My First Home Limited respects your online time and privacy. If you would like to be removed from future mailings, you may unsubscribe by clicking the link below.
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