Press Room
Britain Could Become A Nation Of Renters
Around 77% of all non-home owners still aspire to owning their home according to a recent report by the National Centre for Social Research.
Despite this aspiration, nearly half of 20-45 year olds say Britain is becoming more like the rest of Europe – where renting is seen as the norm – and predict that Britain could become a nation of renters within the next generation.
There are initiatives open to first time buyers wanting to own their own home and good advice to dispel any myths about the mortgage process. Halifax will be launching their First Time Buyer Pledge in July, making the mortgage application process clearer and easier. They’ll provide a personalised promise on how much you can lend without leaving a lasting record on your credit profile. In addition, if an application is turned down, they’ll provide information as to why, accompanied by a plan to move forward.
The Government also launched its assisted deposit scheme for first-time buyers earlier this year in the shape of a £250m assisted deposit scheme for new homes.
The First Buy scheme will be open to those with a household income of less than £60,000 a year who can put down a 5% deposit on a new home. Those who qualify will be eligible for a loan worth up to 20% of the value of the property, jointly funded by the government and housebuilders. The loan will be interest-free for five years and only be repayable when the house is sold.
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Article date: 6/22/2011 12:00:00 AM