Mortgages: First time buyers still forced to find large deposits

iStock_000014463093XSmallNew figures show that despite the introduction of the Funding for Lending scheme, the average deposit put down by first time buyers has hardly changed over the past year. According to new figures from the Council of Mortgage Lenders (CML), first time buyers put down an average deposit of 19% in April, almost unchanged from the figure a year ago of 20%, The CML’s research also showed little change in the amount of money mortgages lenders are prepared to loan to first ...

Talking ’bout my generation? Financial tips for thirtysomethings

In the latest part of our regular series, we offer our top tips to each generation for dealing with the financial crisis, this month we look at the problems facing thirtysomethings. Your 30’s traditionally the decade of your life when you raise a family, move on from your starter home, and start thinking about pensions, life insurance and other ‘sensible’ financial planning. Has the credit crunch and subsequent financial crisis changed that? Probably not, if you were already on the housing ladder when the full effects of the financial crisis struck. But definitely if you are still looking to buy your first ...

Mortgages: How to help your children get onto the housing ladder

New research from HSBC and the Centre for Economics and Business Research (CEBR) has shown that one in five first time buyers needs help from their parents. In fact between 2008 and 2011, 100,000 first time buyers were helped by their parents. Since the credit crunch the number of high loan to value mortgage deals has shrunk significantly, most lenders now require at least a 10% deposit and the best deals are reserved for borrowers with even more to put down. So, if your children are caught in the ‘Catch 22’ of rising rental costs, meaning they can’t afford to save to ...

SIPP deposit accounts: New entries, climbers and fallers October 2012

The downward trend in SIPP deposit account interest rates has continued into October, although, for once, there is the odd glimmer of hope that the bottom may have been reached. New entries Unfortunately, no new banks or building societies have entered the SIPP deposit account market this month, indeed we have lost some accounts, including the popular one and two year fixed rates from the Ipswich Building Society. Need advice on your SIPP?...