How a New Discovery Makes Buying Your First Home Possible

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For as long as I can bring to mind, first time buyers have been not been catered for and for the most part passed over by politicians and lenders alike. Lots of jargon and no achievement! Well, here we are again, following the largest financial debacle for upwards of 70 years, we are being sanctimoneously told by the very same lenders who perpetrated this giant fiscal fiasco, that as `responsible lenders (I don`t know whether to laugh or cry), they cannot lend to persons who find themselves not able to keep up repayments and will no longer offer no money down mortgages, they therefore demand an immense deposit which they are totally conscious, no one can afford. The terms pot, kettle and black at once spring to mind. A more irresponsible bunch of arrogant hypocrits, you'd be hard put to discover.

In short, first time buyers are getting the thin end of the wedge once more, as they have for decades. Nothing short of a complete overhaul of the mortgage lending approach, commencing with making it obligatory for these cheating money men, to supply a genuine service in support of their consumers for the first period in living memory. I have been through 4 so called `boom and bust` cycles, which occur with tedious regularity each 7 to 10 years (ish), with the same outcome. Lenders loan foolishly in pursuit of atrocious bonus payments, the economy overheats, ordinary consumers having been encouraged by the banks to borrow a great deal more than they can afford to repay, despite being reassured by the banks that they can, are screwed into the ground in order to refill the reserves of incompetent goverments and banks after the inevitable poo hits the proverbial fan... Again!

These unerringly arrogant idiots seem to hold more clout than our loosely described government. Which we had to go to the lengths of voting for, simply to discover that they have gifted all of our hard earned money to who? To the self same serial criminals who constantly fail to realize the unbelievably low targets they set themselves.

It is time to dump the lacking, worn out financial services (or disservices) industry, reliant on whether you are a giver or a receiver and progress on to a particular rational process of providing reasonably priced mortgages for all prospective homeowners with a decent credit standing, a proven wage and heaps of equity in their selected home. The banks in their unquestionable wisdom have foisted upon us this hair brained scheme for loaning to would be buyers: You want to purchase a property which has a current RICS valuation of £100k, you put forward £100k and they ask you to put down £25k unattainable deposit. To the mainstream lender, this is a splendid formula, one where they don't have to loan to the majority of their customers.

However, you offer £70k for the same dwelling and say to the bank, this arrangement provides 5% extra equity cover than your deal, so I should not be compelled to shell out a deposit at all. They are going to answer, no no, this is not agreeable, because we demand that you be financially committed,we will loan you 75% of 70% which approximately translates into " we want our cake and eat it". The combination of this and mounting current morgage rates, effectively excludes would be first time buyers from having the ability to purchase a brand new abode.

Insight Invest is committed to change across our political and financial landscape. To learn further about how we can support first time buyers (and we absolutely can) please get in touch with us on:...

Article Source: http://depositarticles.com/

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