How can I get a mortgage?
Since the start credit crunch, first time buyers have been asking how can I get a mortgage?
In answer to the question the government has announced the return of 95 per cent mortgages for buyers of new homes. The move is being seen as a real boost for the housing market.
Specifically designed for new build homes, 95 per cent mortgages will be offered by all the leading lenders in the New Year and are expected to be priced at competitive rates. The government have answered those asking how can I get a mortgage by underwriting mortgages to allow first-time buyers to secure loans on new build homes with only a five per cent deposit.
Katie Yates, Sales Manager at Barratt West Midlands, said: "The key thing about the return of 95 per cent mortgages on new build homes is that people will no longer need huge deposits of up to 20 per cent of the price of the property."
"Even though house prices have fallen since 2007, not everyone has been able to take advantage because of the hefty deposits which lenders have been demanding ever since the credit crunch began."
Creditworthy first time buyers have beeen frustrated for years about not owning their own home. Many have felt disheartened upon asking how can I get a mortgage, to be told save and come back with a hefty deposit. With the the return of the 95 per cent mortgage those with little deposit stand to benefit.
