The Complex Business Of Raising A Deposit
Houses are moving on the sales and letting markets like the proverbial hot cakes. In stark contrast to the downturn in fortunes of the late 1990s, people are now beginning to show great confidence in their ability to get deposits and mortgages sorted for their ideal purchase. Houses are showing sold signs but there never seems to be the time when they are for sale in the first place. The rental market is bouyant, for those folk who may not have the ability to gather a 20% deposit, and that includes a huge swathe of the younger population, renting is the only option.
When you consider that 20% on a £250K house price is £50K, little wonder that help is needed for the buyer. The government has recently called a halt to their ‘help to buy scheme’ which loaned buyers the 20% at very competitive rates for 5 years.