Getting a foot on the property ladder can seem like a dream for many young people . Yes, the recession has halted the sky-high property price hikes we got used to , but the banking crisis has meant that first time buyers tend to be far down the queue when it comes to handing out mortgages . Once you are finally in your new home , there is nothing better than to relieve the stress , enjoy your new pad , put your feet up and light some beautiful scented candles, made by companies like True Grace candles or Yankee candles, around your new home.
But before you get the candles out there is a lot of work to be done before you can get to that stage .
The number of mortgages for the average first-time buyer has shrunk in recent years . One of the reasons is that high loan-to-value mortgages (ones for buyers with a small deposit or no deposit ) are partly what got us into this mess. And it’s not just the lack of mortgages available . Lenders are more fussy who they give money to . They check applications more carefully and have tightened up their lending criteria . It’s also harder to get (more affordable) interest-only deals, apart from buy-to-let ones.
That said it’s certainly not impossible to buy your first home, especially if you pay a visit to the bank of mum and dad (assuming they are open for business). If your parents are willing to help you become a homeowner or you’re a parent keen to get the kids out of rented accommodation , or from under your feet, and into their own home then there is lots of advice from banks, your local solicitor or financial advisor With the average first-time buyer needing a deposit of £30,000 parent s are coming to the rescue more and more. A massive 84% of first time buyers under 30 got financial help from their family last year, more than twice as many as in 2006.
The author is the owner of The Scented Candle Store which has a vast range of luxury scented candles including the world renowned Voluspa candles
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment