First-Time Buyers Need Support
- Author Alison White
- Published April 23, 2006
- Word count 283
Changes in the threshold for stamp duty failed to stop the inroads made by the tax, a new study by a leading mortgage lender reveals.
Portman Building Society shows that in the following months after the rise in the exemption threshold from April 2005, British homeowners paid almost £60 million more in stamp duty than in the same period before April. Portman Building Society also advises that even though the government raised the threshold to £120,000, the change made minimal impact at a time of rising house prices, considering that the average property stands close to £200,000 and the typical first-time buyer purchase amounts to £145,000.
Matthew Wyles, group development director at Portman Building Society commented that "Stamp duty is no more than a form of advance capital gains tax - paid long before buyers have enjoyed any of the financial benefits achievable from home ownership". First-time buyers should be liberated from this unjust tax.
Newcastle Building Society is hoping to help first-time buyers by launching new mortgage deals aimed specifically at graduates.
Steve Urwin, the marketing manager from Newcastle Building Society advises they understand the issues first-time buyers face so they launched the 100 per cent mortgage and the guarantor mortgage at the society. Mr Urwin says that there are parents and grandparents who want to help their offspring become first-time buyers. This is made possible through sharing the initial cost of a mortgage, with the first-time buyers taking on increasing responsibility as they start getting paid more.
The new first-time buyer mortgage offerings include a deal that offers 100 per cent loan-to-value on properties valued up to £200,000.
The guarantor mortgage is available to first-time buyers between the ages of 21 and 35 who earn an annual salary of at least £15,000.
Please visit MoveTo for a wide range of properties suitable for first-time buyers.
Article source: https://articlebiz.comRate article
Article comments
There are no posted comments.
Related articles
- Costs of arranging a Mortgage in Spain
- Non resident Mortgages in Spain
- Effective Strategies for Paying Off Your Mortgage Faster
- How Does Equity Release Work?
- Florida First Time Homebuyer: The Indispensable Guide of Tips, Programs, and Resources
- How to Become Debit Free?
- Sellers Concession the Closing Cost Option
- Financing Short Term rentals with DSCR loans
- Why move to Roseville CA
- Simple Interest Mortgage Advantage
- Are Low Doc Commercial Loans available in Australia
- How to Obtain a Rural Agriculture Loan Quickly and Easily
- What is a Caveat Loan?
- Tips for improving your Credit Score before getting a Home Loan
- 3 Things To Look out for With An Equity Release Mortgage
- Manage your Debts by Refinancing your Current Home Loan
- How to Get a Home Loan with Unusual Employment or Income?
- 20 Effective Debt Consolidation Loans Tips with Bad Credit
- Tips for Choosing a Non Conforming Lender
- Why is a Good Credit Rating Important in Australia?
- Most Common Ways That People Fall Into Personal Bankruptcy
- How to Choose a Consumer Credit Counseling Agency?
- Consolidate Your Debts and Take Control of Your Finances
- How to get a Home Loan due to a Bad Credit Report
- Debt Consolidation Home Loans are a Solution to Multiple Debt Problems
- Facts You Should Know About Low Doc Home Loans in Australia
- No Doc Loans from Private Lenders
- Home Loans to Consolidate Debt for People with Bad Credit
- How Can I Get a Mortgage If I Have a Bad Credit History?
- Guidelines to Fix Bad Credit Effectively Through Dispute