Government's mortgage solution half-hearted, analyst warns by Finance News Bulletin

Published: 15/01/07

The government's novel scheme to help first-time buyers to find a mortgage which they can afford is a "half-hearted" solution to the problem, an specialist has claimedAlthough the scheme will assist many first-time buyers to find a mortgage, the shared ownership aspect could denote that it is less attractive to many borrowers, warned Julia Harris, a mortgage forecaster at MoneyfactsFurthermore, by rising affordability and helping some first-time buyers to find a mortgage, this could create further problems for those who are not capable to join the scheme"If property prices continue to outstrip the level of disburse increases, then we are in danger of reaching a situation where a bigger piece of the UK population will be unable to get onto the property steps, even via non-conventional mortgage options such as HomeBuy, interest-only or 45-year term mortgages," the expert fixed

Also, as four mortgage lenders are at present participating in the scheme, it could denote to a limited number of packages available, although Ms Harris asserts that Nationwide Building civilization and Yorkshire Building civilization offer "not uncompetitive" rates Ray Boulger, an specialist at mortgage lender John Charcol, recently claimed that the HomeBuy system was potentially a "lifeline" for buyersnowadays's Most Popular Results Mortgage Enquiry Form Need Life cover ------ Mortgages - Information Mortgages - Home ------ monetary Services - HomeNone of the information on this website is future to promote any specific mortgage product or give mortgage advice

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