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Getting A Mortgage With Little Or Something. - Investment - Nairaland

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Getting A Mortgage With Little Or Something. by Tinkybabe(f): 5:58am On Jun 08, 2017
I did not know exactly where to post this article but decided to post here after much deliberation.
Now, this is targeted mostly at people in diaspora, the United Kingdom to be precise as that is where my research is limited to.

Have you ever dreamed of owning a home but the mortgage is so ridiculous that there's hardly any
chance of getting on that property ladder? Well, good news! You don't have to worry too much as you might just be able to afford that dream house.

Gone are the days we have to wait till 40 to own a property. My philosophy is " start early and watch it grow". So for the youths and even the older ones , this is the time to seize this opportunity.

I understand that this information is not privy as it is readily accessible but you'll be surprised at how little people know.

Ok! Enough of the pep talk, let's get right into this. cheesy

If you're a first time home buyer, you could actually get a 20% loan from the UK government in a plan known as shared equity mortgage. which reduces your deposit to 5% and mortgage to 75%. The more interesting aspect is that the loan is payable at no interest if it is cleared within 5 years of receipt.

So for example, if the property of interest is valued at £200000. As long as you meet the eligibility criteria, you will be able to get a loan of £40000 from the government, your down-payment in this case would be £10000. This leaves you with a mortgage of £150000 to get from the bank /building society. If you are able to repay the government loan within 5 years, you only have to pay the exact amount that was loaned to you which is £40,000 at 0% interest.

That in my opinion is a fantastic deal.

In addition to this, you can have a help to buy ISA which is savings account that allows you to save towards your first home and you get a 25% bonus on top of your savings at maturity. So for example. If you've been able to save £6000, the government will add 25% to this amount which is £1500. Therefore you end up with £7500 which can go towards your deposit.

Although, you can only get a bonus on a maximum of £12000 savings and can save a maximum of £200 in any given month except the first month when you can save up to £1200.

So there you have it guys.

Note, The Shared Equity Scheme has been on since 2013 and ends in 2021.


On a side note, Make your vote count today, go out and vote!

For more information visit

http://www.moneysupermarket.com/mortgages/hubs/first-time-buyers/shared-equity-schemes/

https://www.moneyadviceservice.org.uk/en/articles/help-to-buy-homebuy-and-other-housing-schemes/amp

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Re: Getting A Mortgage With Little Or Something. by ecksplizit(m): 8:44pm On Jun 23, 2017
Nicely articulated

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