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FTBs will benefit from a shared-equity mortgage
13 August 2008
Shared-equity mortgages are a good option for first-time buyers looking to get onto the property ladder, claims a mortgage advisor.
One of the advantages of a shared-equity mortgage which is attractive to first-time buyers is that there is no need for a deposit which is increasingly hard to fund in the current economic climate, according to Click n go Mortgages.
Hayley Martin, team leader at the firm, said: "While property prices are falling, they are still high and a ten per cent deposit is still an awful lot of money."
Ms Martin believes that it is becoming more important to get a mortgage as rent prices are continuing to rise.
"With private renting being so expensive then it's just the same, or just a little bit more, to pay a mortgage as it is to rent," she added.
Research by Pink Home Loans found that 40 per cent of intermediaries were looking at shared-equity mortgages as a solution in their recommendations for first-time buyers.
