Mortgage deposit and sale of property

Mortgage Deposit And Sale Of Property

Now a days it has become very affordable for first timers to buy property.But it is observed that they are often failing in this attempt.They are not successful to buy a property and to get their foot on the property ladder.This is because first time buyers find it difficult to find deposit for the mortgage.Eventhough they can manage monthly mortgage repayments,they struggle to find deposit for the mortgage.Currently the deposit required for the mortgage is 20% to 35% of the cost of the property.That is to say ,to buy a property worth 100,000 they have to fetch a deposit of at least 25000. Of course ,this would take many years of their saving. Many of those who wish to own a property cannot collect such a huge amount.More over, they have to continue to pay monthly rent also for the house which is almost equivalent to the monthly mortgage repayments.This is a very frustrating situation for the first time buyers.In this context there are huge waiting lists to get into council property which typically comes with lower monthly rent.

House prices have come down steeply due to recession.First time buyers on an average would have to pay out 133,700.The fact that a deposit for this mortgage is around 29,400 is truly alarming. In the past, parents used to help children to buy their first property.But now recession is round the corner and they are financially pressed.They themselves are in the fear of losing their jobs. And they too have the burden of their own mortgage repayments.So such a help is not available for first time buyers.

The Council of Mortgage Lenders has informed that the number of first time buyers has dropped to the lowest ever since 2008. The first time buyers are frustrated on the fact that eventhough prices of houses are lower now, they cannot own a home due to the huge deposits required for mortgage.

Those who have to sell property are also a worried lot. They come to know that the first time buyers are held back only by the huge deposit.There are various situations when they want to sell their property immediately.For instance,they may wish to downsize their property or wish to upgrade to a larger property.For this they ould have to raise money in a short priod

Those who urgently want to to sell their property to raise equity with a wish to downsize or upgrade to a larger property are also put in a difficult situation like that faced by first time buyers.

In this circumstance,you are compelled to look into alternative methods of finding a home buyer.When you are urgently in need of selling your property, you may look for a company offering fast cash in a matter of weeks.You can also choose to put your offer of sale online and get an answer within twenty four hours in stead of waiting for months.This is a suitable solution to avoid the delay in selling your property.However you should weigh up all pros and cons before rushing into a sale.

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