Affordable housing on Camberley, should be a thing of the past. according to our Prime Minister David Cameron.

In fact he has pledged 200,000 in a ‘right-to-buy’ revamp. this will be great news for people living in council houses that really want to buy the home they currently live in.

I borrowed this from www.yourmortgage.co.uk

David Cameron has promised up to 200,000 extra affordable homes as he unveiled plans to extend Margaret Thatcher’s ‘right-to-buy’ programme.

In an interview with the BBC’s Andrew Marr, the Prime Minister said the government is to increase the discounts available to council housing tenants in England who want to buy their own homes.

The move is an extension of the right-to-buy policy, which proved a vote winner for Margaret Thatcher, but critics said crippled the stock of social housing and fuelled a house price bubble.

Cash raised by the sale of council housing will be spent on buying further homes, which will then be rented out at a reduced rate.

Cameron told the BBC: “There are over two million homes that are still available to be bought.

“So this is something that will make a big difference. And again that could provide another 100,000 homes, another 200,000 jobs.

“So taking those two policies together that could be 200,000 extra homes, 400,000 extra jobs.”

The government’s aim is to build one new home – to be let at up to 80% of the market rent – for each property sold. On proposed changes to the planning laws, Cameron said changes needed to be made to give communities a greater say on the extra housing they need to keep their shops, pubs and post offices alive.

Here’s something that caught my eye today in the Daily Mail...

“Boost for first time buyers with 10 per cent deposit as mortgage rate falls below 6 per cent for first time in three years

The average cost of a 90 per cent loan-to-value (LTV) mortgage, typically taken out by first-time buyers, is now 5.98 per cent -  0.4  per cent less than in May last year.

In a further boost to people trying to get on to the property ladder, the number of different deals available to those with only a 10  per cent deposit has soared by 41 per cent during the same period to 229″

Naturally there are better deals out there for those with a bigger deposit. If you have 20-30-50% or more then, you could expect 3.91% (40%)

But of course, only those with existing properties, will have those kind of deposits. But a lot of my existing customers are looking for and getting better deals all the time.

But, first time buyers are an ingenious bunch and they seem to find lots of ways to come up with the 10% deposit that is often required.

They borrow from parents or grand parents, or they they go out and get two or three extra jobs to help the save for a deposit.

No different now, than it was when I bought my first property back in the 80′s.

More competition please

So now there are more 10% deposit mortgage deals on the market and about time too. We need more competition in the market….That’s what drives this business and makes the banks lend at more competetive rates.

Its true there are more deals available now and if you need some help and advice, give me a call.

First time buyers in Camberley. Stop renting as soon as possible…. Why?

Because your monthly payments on a mortgage could well be less.

There are some caveats to this and I cannot give you any actual advice here, because I do not know your particular financial position.

After all, mortgages are not a “One Size Fits All Solution”, we arrange mortgages only after a personal discussion to determine what I think would be best for your situation, followed by researching the whole of the mortgage market.

But Suren Thiru, who is a housing economist at Halifax, said earlier today “a marked decline in mortgage costs has improved affordability for those able to enter the market”

He said this because, there has been a fall in mortgage rates during the last 3 years, which means that the average three bedroom property costs £608 per month to buy, compared to £709, that you may pay in rent. But in March 2008, the same 3 bedroom property, would have cost £1,060 per month, compared to £761 to rent.

In 2008, the average rates were 5.28% compared to 3.59% today.

The only problem is the deposit, a minimum of 10%

Now who in your family can lend you 10% as an investment.

We provide many mortgage solutions, we may have one for you.

If you think we can help, give me a call.

Michael Usher,
The Friendliest Mortgage Adviser In Town.

The government announced in the budget a new proposal which could help first time buyers.

Although we are not sure of what the criteria will be and if it will be postcode allocated, I thought it best to try and give you the facts as we know them.

Whether this will be good for Camberley people looking for their first mortgage, we’ll have to wait and see.

£250 million has been allocated to the ‘First Buy scheme’, this means that this is only available to real first time buyers. Those that do qualify, will be eligible for a loan of up to 20% of the property’s value.

But buyers will still have to find 5% from their own savings, there fore there will be 75% mortgage.

The 20% loan will be shared by the government and house builders.

The scheme is also only open to couples who have a combined salary is no more than £60,000.

This scheme will available for 10,000 new homes, which is just a drop in the ocean, considering the number of young people that want new properties.

Will this scheme be operated locally, well have to wait and see, but rest assured I will have my finger firmly on the pulse and keep you updated.

I came acrosss some great mortgage advice recently and wanted to share it.

If you want to buy a house in Camberley, then heed the advice.

I am always here to offer mortgage advice, so please call me for a chat to see if we can take things any futher.

This advice came from the BBC’s watchdog programme. Read more »

First Time Buyers Camberley..

The mortgage industry changes all the time. At our offices in Frimley, we get daily emails from lenders, telling us about the latest offers.

The good thing is, that we don’t get these details from just one lender, but from a whole host of lenders, so that we can survey the situation from on top.

Of course if we were tied to just one lender, then like the banks, we could only offer you deals from just one source, but this is the beauty of dealing with an independent mortgages adviser like myself, I get to find out the latest offers and pass them on to my clients.

10% deposit mortgage

I have just received details of a mortgage that requires just a 10% deposit, tracker mortgage.

Now, I have to tell you that many banks and building societies often promote certain types of mortgages in their window,  to get you through the door, but often when you get down to it, the actual mortgage advertised isn’t there.

But this is definitely available from a major lender that we have contacts with.

Obviously, you have to meet a certain criteria, but if you meet the criteria, then this 10% mortgage is available.

If you are thinking about getting a mortgage, or you know someone who is looking to buy, like a first time buyer, then give me a call and we can talk it through, to see if its a good fit.

As I said earlier, things are changing in the mortgage market and we are on the cutting edge, when it comes to the latest deals and offers.

Can I help you or someone you know to obtain a mortgage? Please call me 01276 670 777

Michael Usher

Good news for first time buyers in the local area.

Here in Camberley, first time buyers have been given an opportunity to get a foot on the housing ladder.

One of our favourite lenders Abbey, have launched an exclusive 85 per cent first time buyer loan to value.

This is a three-year fixed rate mortgage is available at 5.69 per cent with a £495 fee.  Borrowers are also offered free basic mortgage valuation and £250 cashback on completion.

Some of Abbey’s rates, especially fixed and tracker products have also been reduced by up to 0.2 per cent.

This reduction includes a two-year fixed rate at 3.25 per cent up to 70 per cent LTV. It was previously at 3.45 per cent.

The two-year tracker at 70 per cent LTV has also been reduced from 2.69 per cent to 2.59 per cent.

“Our latest rate cuts demonstrate our ongoing commitment to supporting intermediaries by consistently offering highly competitive mortgages to help them meet the needs of their clients,” Alan Mathewson, managing director of Abbey for Intermediaries, said.

Santander recently announced new three and five-year fixed and two-year tracker products available to existing current account and investment customers.

Please note this is not available to everyone, call me for further details, but it does offer hope for first time buyers in Surrey.

First time buyers in Camberley, Frimley, Farnborough and other local areas got some great news from the government today.

Stamp duty and land tax has been abolished for properties up to £250k.

This I believe, will kick start a revival in the buying and selling of homes. Certainly I know that my estate agent friends have welcomed the best piece of news for the housing industry in almost 3 years. Read more »

This week I was invited to give a talk to a group of young men and women who no doubt will become first time buyers in the not too distant future.

I was invited to Flour Daniel, one of the largest local companies.

The talk was centred around “Getting Your First Mortgage”.

I gave a powerpoint presentation, along with Matt Penfold a former Estate agent who now works with me in the Frimley office.

Matt showed using a graph Read more »

Hello First Time Buyers in Camberley, Frimley, Farnborough, or wherever you are in the UK.

I Came across this advice in a video from the BBC.

Thought it might be worth an airing here.