First Time Buyers ? Getting On The Property Ladder

Getting a foothold on the property ladder is not easy ? particularly these days with property prices above the amount most people?s salaries can cover.

Reports from the property market show that the age of first time buyers has increased in recent years as younger people struggle to get a mortgage. Some first time buyers struggle to cover all the costs of buying, and often hadn?t anticipated all of the extra costs beforehand. There are some solutions to these problems, however.

The market is responding to the needs of first time buyers and can offer special types of mortgage and extra support. If you mention to your lender or advisor that you are a first time buyer, they will offer advice specifically for your situation.

No Deposit?

Finding 10% of your mortgage is no mean feat. Younger people often don?t have the savings to put down a deposit, and have to borrow the money. There are 100% mortgages available for those unable to find the cash deposit, or mortgages where you provide just 5% of the total amount. Unfortunately many of these mortgages apply charges (Higher Lending Charges) and have less flexible terms than other mortgages.

Salary Not High Enough?

If your salary doesn?t qualify you to take out a large enough mortgage, you may want to look at guarantor mortgages. Basically, someone who is more financially secure (often a parent) will undersign your mortgage agreement, promising to honour the debt should you fail to meet repayments. This type of mortgage is often chosen by students, who either then pay ?rent? to the guarantor, or pay the mortgage directly to the lender. The guarantor should be totally clear about the responsibility they are undertaking, and it?s a good idea to have a legal document written up laying out all terms of the agreement.

Share The Cost

You may want to consider taking out a joint mortgage. This doesn?t just apply to couples ? two or more people can enter a partnership and apply for a mortgage together. Normally a bank will pay up to 3.75 times the largest salary plus the amount of the second salary. If you choose to undertake a joint mortgage you should have a legal agreement with the person you are going into partnership with. All the terms should be clearly understood by all parties, and the paperwork should be processed by a solicitor.

Posted by Kevin Husband on December 13, 2008 at 12:00 AM

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Kevin Husband is affliated with stovroff realty, which is located in Orchard Park, NY. For further assistance please use the contact information located on the right.

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Local Information for Orchard Park, NY

Latitude: 42.762159 -- Longitude: -78.741405

ZIP Codes for Orchard Park, New York	14127
Area Code for Orchard Park, New York	716
Time zone for Orchard Park, New York	EST

Other Area Cities: Orchard Park, NY Buffalo, NY Lackawanna, NY

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Orchard Park is a town in Erie County, New York in the United States. The population was 27,637 at the 2000 census. The name is derived from a village in the town. Within the Town of Orchard Park is a village also called Orchard Park. Orchard Park is one of the "Southtowns" of Erie County and is south of Buffalo, New York. The town was originally a settlement of Quakers around 1803. The town was separated from the Town of Hamburg in 1850 and was first named the "Town of Ellicott," after Joseph Ellicott, an agent of the Holland Land Company. Within months, the name was changed to the "Town of East Hamburgh." Around 1934, the town was renamed Orchard Park, named after its principal settlement. In the early 1900's a large fire burnt down most of the central part of the village of Orchard Park around South Buffalo Street. -- Source: Wikipedia.com

New York 2000 Census Population Profile Map

	Orchard Park	New York	United States
Population	3,294	18,976,457	281,421,906
Median age	42.3	35.9	35.3
Median age for Male	40.5	34.5	34
Median age for Female	43.8	37.2	36.5
Households	1,418	7,056,860	105,480,101
Household population	3,291	18,395,996	273,643,273
Average household size	2.32	2.61	2.59
Families	926	4,639,387	71,787,347
Average family size	2.93	3.22	3.14
Housing units	1,459	7,679,307	115,904,641
Occupied units	1,418	7,056,860	105,480,101
Vacant units	41	622,447	10,424,540

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First Time Buyers ? Getting On The Property Ladder

Local Information for Orchard Park, NY

Latitude: 42.762159 -- Longitude: -78.741405

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