Sam, who has rented in London and Surrey for six years, could be persuaded to relocate to a cheaper area of the country in order to qualify for a 100% home loan. While various respondents said they were interested in obtaining such a mortgage, few appeared to be eligible for Skipton’s no-deposit loan, as house prices in their areas were much higher than the maximum amount they would be able to borrow. Martha is one of dozens of people who responded to a Guardian callout that asked renters in the UK whether they would apply for a 100% home loan. I am optimistic that a 100% mortgage would really help us and we would be able to afford to pay all the other associated costs, if given the opportunity.” The 5% deposit scheme was an option, but we haven’t even been able to save 5% because of rising living costs. “We have looked into other schemes for first-time buyers. The couple spends approximately £2,000 on monthly rent and bills, which, Martha said, would be equivalent to paying for a mortgage and bills. Neither of us have access to any generational wealth.” However, with the cost of living, even with two decent salaries – totalling just under £100,000 per year – it would take us years to save enough for a deposit. This will increase our overall income and how much we can save. “Now our second child is three years old, our childcare costs will go down significantly in September and I will be able to return to work. Martha is a qualified social worker but left work to be able to look after the couple’s two children due to the cost of childcare. We have rented for the past six years and despite our best efforts we have not been able to save enough for a deposit.” “Although there is clearly a lot of risk involved, I do not see how else we will afford to buy a home. “My husband and I will definitely be applying for the 100% mortgage,” she said. Martha*, a 35-year-old mother from London, said the announcement of Skipton’s Track Record Mortgage, which allows eligible first-time buyers to buy a home without a deposit, has given her fresh hope, despite the market turmoil.
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |