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Tuesday, 22 March 2011

1st Time Buyers Offered Helping Hand Onto Property Ladder

At last, help is at hand for would-be first time buyers (FTBs), struggling to get a foot on the first rung of the property ladder. In the current climate, most FTBs can barely scrape together a 5% deposit, let alone 10%, which is what most lenders require.

But in response to this, Mortgage information Centre Ltd, is using a scheme that brings buyers with a 5% deposit together with motivated sellers who are prepared to gift the buyer the extra 5% required for the deposit in return for a good selling price and a quick sale.

How does it work? Vendors that wish to opt in to the scheme instruct GSPC (Miller Stewart) to sell their home, which will source a buyer with a 5% deposit and a strong credit record.
The seller matches the deposit with 5% of their own equity (no cash required). The buyer then takes out a mortgage, with help from Mortgage Information Centre, independent mortgage broker, Obligo to secure their dream property.

Contact us today if you're thinking of selling or buying a property 01698-283301

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