Mortgages for 1st time buyers

The government are trying several ways to kick start the first time buyer markets by introducing new concepts such as shared equity, joint ownerships, rent and buy government schemes at up to 95% mortgages.

Mortgage brokers, Building Societies and Builders can all help with the promotion of the new ideas to help 1st time buyers on the 18 November 2011. 

Leading estate agents said in London it was almost impossible to buy a house if you were a 1st time buyer because of the high house prices and high deposits required, sometimes up to 30% and before lenders would consider an application, other difficulties in the industry was the way in the past the mortgage suppliers had acted, very often not in a professional way and we all know where that leads the USA, UK and Euro zone.

Mortgage Brokers, Banks and Building Societies have gone through a lean time with their own costs to cover themselves against neglect with Professional Indemnity Insurance policies and Bankers Blanket Bonds increasing in price.

There has to also be a mindful eye towards Directors and Officers Insurance to cover any rogue Directors or Officers lending irresponsibly to 1st time buyers.