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First time buyers look to get on the property ladder as rental prices sky rocket.

The cost of renting has risen astronomically in the last few years and there seems to be no sign of this fuelled increase in rental prices abating. With Your Move and Reeds Rain announcing that residential rental prices have grown a massive 4.6% in the last year alone, this signifies the fastest rate of growth since November 2010. The average rental in England and Wales is now £774 and in London it stands at £1,204. The East of England saw a 12.5% rise, an even larger increase than London at 7.8%, this was calculated over the last 12 months alone, giving cause for concern over further escalations in future months. This huge swell in prices has been put down to the upsurge in economic growth leading to increased employment, population growth and the housing shortage.

However it isn’t all doom and gloom; the Government has pledged to build a further 200,000 starter homes, many Contractors have seen an increase in income, mortgage rates are at an all-time low and competition in the market is high. All these factors have contributed to Contractors looking to invest in their first home rather than, as many people see it, frittering away their hard earned income and savings on a rental property that they will never see any yield from.

Buy a new home with as little as 5% deposit

In previous years getting on the property ladder as a first time Contractor buyer seemed an impossible task, with many unable to afford to raise enough cash for a deposit and therefore being forced into the rental market. However with the recent influx in competition in the mortgage market, securing your dream of owning your own property could become a reality. The Advisers at will make it their priority to secure the right mortgage for you, they have helped many first time buyers secure their first home with as little as a 5% deposit.

Get cash back on your mortgage!

Contractor friendly lender Halifax, have recently launched a 1% cashback offer, which means first time buyers who secure a mortgage with them, can receive as much as £2,500 back on their loan within 30 days of it completing. Buying a home is one of the most expensive decisions you can ever make and the costs don’t end when you have secured your mortgage. Many people do not account for the extra expenses incurred whilst moving, including survey, legal and removal costs. This cashback offer could really help at a time when the costly outlays seem to be never ending.

Halifax’s offer is also available in union with the Governments Help to Buy and shared ownership products. The top rates on offer are:

5% deposit – 95% loan to value 2 year fixed at 4.79% with a £999 arrangement fee

10% deposit – 90% LTV 2 year fixed at 3.74% with a £1,499 arrangement fee

15% deposit – 85% LTV 2 year fixed at 2.44% with a £1,499 arrangement fee

For more information on Contractor Mortgages email us on info@mycontractormortgages.com or visit us at My Contractor Mortgages

Contractors can also visit our partner sites: IT Contractors UK and Contractor Daily

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