Stuck in the rental trap and can’t afford a deposit on your own home? Yorkshire property company could help
Are you stuck in the rental trap, unable to save up for a deposit for your first home but earning enough to cover a mortgage?
It’s a familiar story for many people. Finding the money to cover the rent and the bills leaves little left to save up for a deposit on a house of your own.
You may well be paying more in rent than you would if you had a mortgage, but the usual routes to purchasing a property – high street mortgage lenders and estate agents – seem closed without a hefty deposit.
Bringing buyers and sellers together
A Yorkshire property expert has hit on a solution which helps both those looking to get on the property ladder whilst at the same time offering house sellers additional buyers who wouldn't be available through an estate agent.
Yorkshire First Time Buyer Solutions specialises in getting people with little or no deposit into a position to buy.
Helping buyers
John Laurie, who also works independently as a mortgage advisor, runs the business which brings these potential buyers and sellers together.
“It’s a frustrating situation for a lot of young people who are keen to buy their first home, and who have the necessary income and credit rating for a mortgage—but due to paying large amounts in rent haven’t had a chance to save for the deposit they need.
“What we do is not rocket science,” he said. “It’s about being pro-active in seeking out affordable houses to buy and securing sales for those people as well as looking at all the options for the buyers.
“We sell houses by being proactive and getting people with little or no deposit, who wouldn’t be available through an estate agent, into a position to buy.”
Helping sellers
There are also frustrations for house sellers, who may be struggling to find a buyer but don’t want to ‘give away’ their house cheaply by going through an auction or a quick sale type company.
“We step in so they can move on with their lives, and their house can then be offered to this huge market of people looking for their first home,” he says.
There's an additional benefit for sellers too: First Time Buyer Solutions cuts out the need for them to pay expensive estate agent and legal fees.
Mr Laurie added: “We have taken on the properties that have struggled to sell through a traditional estate agent.”
Ian Schorfield is one such customer. He explained:
“After getting little interest from a couple of different estate agents and an offer of £30,000 below asking price from a ‘quick sale’ company, it was fantastic to deal with somebody who actually did what they promised.
“First Time Buyer Solutions were really easy and straight forward to deal with. We received the same money we hoped to get through an estate agent and everything was completed within 6 weeks with the money in our bank.”
The company reports it has a large number of people currently looking to buy throughout Yorkshire, and has called for homeowners with homes suitable for first time buyers which are valued between £80,000 and £200,000 to get in touch. For more information call 0113 3470227 or visit www.firsttimebuyersolutions.co.uk
DISCLAIMER: Before making any investment always seek independent financial advice. Your home may be at risk of being repossessed if you do not keep up repayments on your mortgage or loan.