Housing minister Grant Shapps launched the government’s FirstBuy scheme last week. Under the initiative, the government and house builders offer first-time buyers a 20% equity loan with a 5% deposit needed from the borrower. Halifax, Nationwide, Barclays and Melton Mowbray Building Society have agreed to provide the remaining 75% LTV mortgage.
Nationwide is offering a best buy five-year fixed rate mortgage at 3.89% available up to 70% LTV after reducing the majority of its fixed and tracker deals by up to 0.65%.
A member of the Bank of England’s Monetary Policy Committee has branded a report from the Bank for International Settlements calling for interest rate rises ‘nonsense’.
As many as 12% of mortgage borrowers could be in arrears, but the figures are being masked by lenders’ forbearance measures, says the Bank of England.
With a recent Halifax study reporting that two-thirds of 20 to 45 year olds believe they have no prospect of buying a home, the focus on first-time buyers and their difficulties continues to hit the headlines. The market share for first-timers decreased for the second consecutive month in April. The average age of a first-time […]
Health Shield has performed its own tribute to the viral sensation ‘Harlem Shake’ in a bid to raise £1,000 for Comic Relief.
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