First time property buyers to benefit from eased loan norms
There’s good news for first time property buyers in the UK. April will witness plenty of availability of housing in the country for new investors. The eased-up loan norms will further encourage them.Thanks to the new proposal recently announced by the UK Government that all first time property buyers in the country are to be offered two equity loans, more first time buyers will now be inclined towards making an investment in the housing market.
This initiative further paves the way for the first time buyers to go ahead and explore the enticing opportunity of owning a home in the UK and in turn, get their purchasing power boosted by up to 50 per cent. They can buy a home of their choice provided they’re able to secure a good mortgage deal.
The buying procedure has been comparatively made simpler to the Open Market Home Buy (OMHB) scheme. Caroline Flint, the UK Housing Minister, acknowledges that the new, eased loan norms endeavour to offer flexibility and affordability to first time buyer. Besides, the buyer or the resident need not pay the stamp duty until he or she has acquired 80 per cent of the equity in the property.