At House Sales Northern Ireland you will find a wide selection of property for sale available
01 April, 2011
At House Sales Northern Ireland you will find a wide selection of property for sale available. Whether you decide to purchase a Northern Ireland Property for investment purposes or as a new home for you and your family, you are sure to find something to appeal to you. And with the announcement of the First buy scheme in the latest budget, now is an ideal time for first time buyers to make their mark on the property ladder. At least 10,000 first-time buyers will be eligible for the First buy scheme, announced by Chancellor George Osborne in the recent budget. Of the £250 million pledged, £40 million will be split between Northern Ireland, Scotland and Wales. The First buy scheme would see the government and house builders offer loan help for first-time buyers purchasing a newly-built home. Buyers must save a deposit worth 5% of their property's value, with the government and house builders putting up 10% each through an equity loan, enabling people to qualify for 75% loan-to-value mortgage. So if you were considering taking the first step onto the property ladder and purchasing a Property in Northern Ireland, then now is a good time to do so.
The First Buy scheme will be open to those with a household income of less than £60,000 a year who can put down a 5% deposit on a new home. The loan will be interest-free for five years and only be repayable when the house is sold. Osborne intends the fund to help first-time buyers who are currently only able to access mortgages requiring much bigger deposits, as lenders tightened their criteria in the wake of the credit crunch and recession. The government hopes the fund will result in the building of 10,000 new homes and protect 40,000 jobs in the construction industry, which is obviously good news for people seeking Northern Ireland Property.
Ian Ward, chief executive of Leeds building society, welcomed the support package for first-time buyers. They have recently announced that they will increase their mortgage lending by 40% this year to £1.4bn – a significant percentage of which will be to first-time buyers. Its typical shared-ownership mortgages offer up to 95% of the borrowers' share, so the deposit required is smaller than with a traditional mortgage; if a borrower is buying 50% of the property, they only need to find a 2.5% deposit. Ward said: "We know from our own experience that the biggest barrier to homeownership can often be saving for a deposit, and this scheme is a positive step by the government."
