Shard-equity mortgage enquiries on the up

Posted: 14 Aug 2008 17:25:36 GMT

Those trying to get onto the housing ladder may want to consider a shared-equity mortgage.

That is the advice of Click n go Mortgages, who has suggested that shared-equity mortgages are a good option for first-time buyers struggling to get onto the property ladder.

Hayley Martin, team leader at Click n go Mortgages, said that more people are enquiring about the schemes as people are having issues raising enough cash for a deposit.

Ms Martin explained: "Looking at the property ladder, deposits are the big thing holding people back and [with shared-equity mortgages] you don't have to put a deposit down if you don't have one."

Reassuring those who may be concerned about the cost, Ms Martin said that getting a shared-equity mortgage may actually be the same "or just a little bit more" expensive than renting.

According to a Pink Homes Loans survey published last month, 40 per cent of intermediaries were looking into shared-equity mortgages as an option to recommend to first-time buyers.

© Houseladder Ltd