DevDosh Ltd would like to commend Kensington Mortgages for launching a new mortgage product. The new mortgage product is designed to help first time buyers in England and Wales buy a new build property they with 5% down
The scheme is aimed at working alongside the government equity loan scheme.
They are offering two, three and five year mortgages at 75% of loan-to-value-ratio the first buyers will not have to pay interest on the mortgage for the first five years.
The maximum mortgage that a person can apply for under the equity loan scheme is 600,000 GBP in England and 300,000 GBP in Wales.
The government launched the help-to-buy scheme to help with the chronic housing shortage in the UK and help more first time buyers get on the property ladder.
Steve Griffiths, director of sales and distribution at the Northview Group, told DevDosh Ltd: “Last month, Kensington announced its intention to enter the Help-to-Buy market, and as a lender that is dedicated to helping customers with complex circumstances, we are very pleased to announce that our products are now live.
A large proportion of first time buyers can approach the high street lenders for these types of mortgages without too much trouble however this is aimed at first time buyers who have more complicated income streams and might not meet high street lending criteria.
Kensington has also updated its residential new-build range with new five-year fixed rates starting from 3.74% at 75% LTV.
With no end in sight with the housing shortage in the UK these types of schemes are becoming more and more vital to the UK property market.
This is also good news for UK property developers as this will widen their target audience and their ability to sell new properties.
For these scheme to work we must have new properties being built for them to purchase so UK property development has never been more important, the snag is that finding UK property development finance is becoming increasingly more difficult.
One of the options that UK property developers have is to go down the investment fund, property fund stroke collective investment scheme route.
If you are a UK property developer looking for this type of finance please visit DevDosh Ltd for more information today.