Housing Ministers Mates Rates
Housing minister Grant Shapps has urged lenders to offer mates mortgages to help groups of friends buy a home together.However Shappss suggestion
, made at yesterdays second first-time buyers summit, appears to have attracted little support.The idea has attracted a flurry of comments online, such as It can only end in tears, What happens when the mates fall out? and The only thing needed is for house prices to fall.In fact, house prices actually rose in June, according to the Halifax this morning. It said house prices went up by 1.2%. Halifax housing economist Martin Ellis warned, however, of 'significant headwinds' which are expected to constrain demand further.But Shapps said first-time buyers struggling to get on to the housing ladder need a lifeline.He said that without urgent help from banks, a generation of young people would be locked out of the market.In most parts of the country property to let in Tilehurst it is almost impossible for a young person with a full-time job to buy a home on their own unless they have parental help. Research from financial services firm LV suggested last week that by 2025, unassisted buyers will not be able to buy their first home until they have turned 40.Someone in their twenties is currently likely to be earning 21,000 whereas the cost of the average home is now 163,049, according to the Halifax report this morning.
Shapps said: If there are mates who are perfectly capable of paying monthly mortgage payments but are struggling to fund a deposit of their own, there should be straightforward options to unite with their friends and take the first step on to the housing ladder together.David Hollingworth, of the independent adviser London & Country, said the proposal was absolutely full of risks.Mel Bien, of the mortgage broker Private Finance, said: It is one thing to rent with friends, which is traumatic enough, let alone to get a mortgage with them.
Most mortgage deals are restricted to couples or a pair of siblings. Britannia is one of a small number of lenders to offer a mortgage that allows friends to buy together.Its Share to Buy scheme, launched in July 2004, takes into account the incomes of up to four people. But just 1,300 customers have signed up so far.
by: rickycharles Americans In Debt – The Best Ways For Consumers To Deal With Their Growing Debts Letsbuy Diwali Dhamaka Will You Buy 11.6" MacBook Air Netbook? Garage Buildings For Personal Use How To Buy The Perfect Designer Watch Is Jeunesse Global The Business That Can Set You Cost-free From Becoming Poor? A Guide To Forex Trading Systems The Beauties Of Mar Menor How To Attract Women - 4 Reasons Why Women Are Not Attracted To You! Finally, The Truth About Rapid Weight Loss Diets Impressive Online Dating Profile Choosing a Family Trail Riding Holiday Mens Polo Shirts Is Most Important Task To Make Good Personality For Men