Mortgages Leeds

By Author: Gareth Hoyle
Total Articles: 692
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To Rent or to Buy?

The current situation and climate within the United Kingdom in relation to the Nations financial difficulties has led to people having to opt for renting over getting Mortgages. Leeds and the North in general have seen the effects greatly. As we are now into the second decade of the 21st century do we feel that there is a need for a shake up from the way the government helps first time buyers?

The issues with renting

At present more and more people are being forced into taking the option of renting over being homeowners. Landlords are becoming more and more aware of this and as such rental properties are on average 15% more than they were 3 years ago. Again this causes difficulties with being able to save money in order to obtain mortgages. Leeds and other Councils can and should help stimulate the property market and this intern will help our economy get on-track.

Moving forward but not necessarily in the right direction.

Some councils have started up schemes along with property companies to help stimulate first time buyers, however the criteria for these schemes doesn’t ...
... help a lot of first time buyers only a minority. More needs to be done to help people obtain mortgages in Leeds, Sheffield and beyond.

What can be done?

No I’m not suggesting that all Council’s hand out free money, but the Government has introduced what is referred to as big society agenda. Within this agenda each council is allowed to decide what priorities they believe hold the greatest significance and they can spend their budget according. This can be beneficial both to the council and to people wishing to get mortgages in Leeds. The council could propose a scheme to help first time buyers, dependant on certain criteria. This scheme could be one where the council effectively becomes guarantor on the deposit up to the value of 30% of the property. They could offer this at a rate of 7%APR and this would help the council to obtain money back. This would help, Councils compete in emerging markets, but also first time buyers obtain mortgages. Leeds and other cities in the North would benefit from councils having a rethink on the bigger picture.

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