Return of 100% Mortgage Loans for First-Time Buyers
At Wolferstans Solicitors, we understand the challenges faced by individuals dreaming of owning their first home. Which is why we are thrilled to share some exciting news that could revolutionise the property market for first-time buyers….
Skipton Building Society is preparing to launch a ground-breaking mortgage scheme designed to help those who have been unable to save for a deposit. This is the first of its kind since the 2008 financial crisis, and it offers hope and a new opportunity for those trapped in the rental cycle.
A Beacon of Hope
Leonie Rowe, a Licensed Conveyancer in our Property team, welcomed the news, saying, "This new mortgage product is a beacon of hope for those who have long struggled to save for a deposit. It opens up doors for aspiring homeowners who have been excluded from the market due to financial barriers."
The Unique Offering
Unlike previous niche products that required financial assistance from family members, this mortgage will be available up to 100% of the property's value. Borrowers will need to demonstrate a solid history of making rental payments comparable to mortgage repayments for at least two years. This requirement ensures that applicants have proven affordability and can comfortably transition into homeownership.
For those considering this mortgage scheme, Leonie Rowe shares her advice to navigate the process smoothly:
Seek Legal Advice
Consulting with an experienced conveyancing solicitor is crucial before entering into any property purchase. They will guide you through the legal aspects, ensuring a seamless transaction.
Review the Mortgage Agreement
Carefully review all terms and conditions of the mortgage agreement. Understand the interest rates, repayment schedules, and any additional fees or charges associated with the loan.
Consider Future Implications
While the 100% mortgage offers an opportunity to step onto the property ladder, it is essential to consider potential risks. A drop in property prices could leave borrowers owing more than their home is worth. Evaluate your financial situation and assess the feasibility of such a scenario.
Building Equity in Your Property
Once you become a homeowner, it is crucial to start building equity in your property. Consider options to save to secure your financial future.
The upcoming launch of Skipton Building Society's new mortgage product is indeed a breakthrough for first-time buyers.
At Wolferstans Solicitors, we are committed to supporting individuals in their journey towards homeownership. Our expert Property team are here to provide legal guidance and support throughout the process.
“Leonie was fab and couldn’t be more grateful for all her assistance. Being a first-time buyer and having just completed probate to then buy out my brother, I had no idea what I was doing or what needed to be done. Leonie led the way completely and we couldn’t be more grateful for her timely professional help.” – Laura Jones on Review Solicitors
Contact us today to learn how we can assist you on your path to homeownership