Shared ownership mortgages could help expand Boris Johnson's shared equity dream.
Demand for shared ownership mortgages could increase if Boris Johnson follows through on his pledge to help first time property buyers who live in London.
Boris Johnson the London Mayor, has pledged support for property ownership by announcing his intention to expand the city's shared equity scheme. By doing this he hopes to help more would-be buyers to get a foot on the highly competitive and expensive London property ladder.
In conjunction with L&Q housing providers and Metro Home Ownership the GLA runs the First Steps scheme. The aim of the scheme is to help first time property buyers achieve shared equity in a home, and climb onto the first rung of the property ladder.
The scheme is to be expanded further in London and it is hoped lenders will show their support by adding more shared ownership mortgages to their range.
Boris Johnson commented on the scheme saying that First Steps has so far managed to help around 25,000 property buyers purchase a share in a property. He added that those helped have managed only to buy a part share in a home and not a full share, but regardless the scheme is a positive thing and one to be encouraged.
If you are interested in shared ownership mortgages and would like to discuss your options or the suitability of such a product for your needs, call Deal Direct today.
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