The Independant recently published a great article on Mortgages. The piece was based on the following question:
‘I want to buy the very best house I can afford before house prices rocket out of reach. How far should I push it, and should I switch to an interest-only mortgage so I can borrow more?’
Statistics from Halifax suggest the average house price in the UK is approximately £199,000, which can lead to first time buyers finding it difficult to get a mortgage. This is increasing the number of those taking out an ‘interest-only’ mortgage which can prove to be a big risk if you have no back up plan to pay off the capital owed.
The article is full of no-nonsense tips for first-time buyers on how best to approach getting and paying your first mortgage, as well the other options available to help you get onto the first rung of the property ladder. Examples include buying with friends, getting a buy to let mortgage or shared ownership.
Read the full article here
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