The fall in house prices over the last year has meant that many people, my partner and I included, can now realistically consider buying a home. However, the problem remains that whilst there are properties which we can in theory afford, it is still extremely difficult to get a mortgage. This lack of access to credit risks extending the economic downturn and undermining young people's faith in the Government's recovery plan.
This is Kate Groucutt writing over at Labour List,a problem which the government is going to have to tackle
This is what happened
1.
We have managed to save enough for a 10% deposit and there are now a range of mortgages available on this basis. But, no, we were told that for a new build flat we would require a 25% deposit.
2.
we approached the Government funded scheme Own Home which gives a contribution of 20-40% of the value of the home on an interest free basis for 5 years. It is aimed at first time buyers, yet we were told that we would need to wait 10 weeks just for an eligibility interview, hardly 'real help now'.
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