The Ongoing Struggle (For First Time Buyers)

With interest rates now up to five point five percent and another interest rate hike expected in August, it is not surprising that only one in ten first time buyers are currently making it onto the property ladder.

The situation is further confounded by deep-pocketed buy-to-let investors investing in the properties typically favoured by first-time buyers; this is generating an acute shortage of affordable starter homes for would be homeowners. It is also becoming increasingly difficult for first time buyers to find property valued under the stamp duty threshold of one hundred and twenty five thousand pounds.

Commentators are calling for the Government to intervene and address the growing problem of lack of affordable property, one option would be the abolishment of stamp duty for first time buyers. The one percent tax on the average price of a first time buyers property is one hundred and eighty thousand pounds - a lot of first time buyers have no savings for a deposit let alone for paying stamp duty.

The mortgage approval rate has also fallen as lenders become wary of how much debt first buyers can take on. First time buyers are also being advised to show caution when considering a mortgage that is worth more than the property they are buying - some first time buyers are looking at one hundred and twenty percent mortgages, with the view to using the extra money to pay for the fees involved with buying.

But there could be a ray of hope for struggling FTBs (First Time Buyers) as the property market is showing the first signs of slowly and lenders are coming up with inventive ways like co-buying and rent-a-room mortgages to help get FTBs onto the property ladder and FTBs will always be welcomed by sellers as they have no chain.

James Quinton is a writer based in the UK. He has had articles published worldwide. Compare mortgage rates

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Car Buying VS Car Leasing

When it is time to shop for a new car there are many things to take into consideration. One of the biggest decisions is whether you should choose car leasing or car buying. There are many fundamental differences between the two.

To help make your decision easier the following is a list of those differences:

- At the end of the car loan term you will own a car if you opted to buy. At the end of the car lease term you return the car to the dealer and are left with nothing.

- A car loan term is usually four to six years. A car lease term is typically two to four years.

- Monthly car loan payments are generally higher than car leasing payments. This is because you are only really only paying for the cars depreciation during the car lease term plus interest, taxes and service fees.

- Most car leases limit the amount of mileage you can put on the vehicle. If you plan on traveling a great deal you will have to consider negotiating a higher mileage limit. This will mean slightly higher monthly payments. If you exceed the limit you will be required to pay a charge of between 10 to 15 cents per mile. If you choose to buy the vehicle this is not an issue.

- When leasing a car there are limits to the amount of wear you can cause to the vehicle. Excessive wear will result in extra charges. If you buy you can do what ever you want to your car.

- If you terminate a car lease before the term is over there usually is a charge. In the case of car buying if you buy out the remainder before the car loan term is up you are usually charged a fee as well.

- The up front costs of car leasing include first months auto lease payments, a refundable deposit, a capitalized cost reduction( similar to a down payment), taxes and service fees. The up front costs of car buying include a down payment, taxes, registration and other service fees.

- At the end of the car lease term you have to pay any charges for excess wear and mileage then you can either walk away or buy out the car. When you reach the end of the car loan term you have no further payments and you walk away with your car.

Consider all these differences before coming to a decision on whether to buy or lease your next vehicle. Your choice will effect quite a lot over the loan or lease term including your monthly auto loan payments as well as what you can do to your vehicle to a certain extent. If you know what your long term goals are it will allow you to select the right option for your next car.

Sean Patrick develops methods to help consumers succeed in their quest for a new car. Find out more about how to shop for your new vehicle at http://www.findacarlive.com

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