Halifax mortgages recommends affordable housing schemes

Date:Thursday 11th November 2010
Author: Max Freedman

More first-time buyers should consider applying for a place on affordable housing schemes, a source from Halifax mortgages has suggested.

Stephen Noakes, commercial director for mortgages at the company, claimed many consumers may qualify for a mainstream lending deal if they are buying such properties.

He said: "Many people don't know where to turn to find out more about these schemes or wrongly believe that they aren't eligible."

In his opinion, more individuals should check out affordable housing schemes, since they provide a "leg-up" on the property ladder, particularly for those who currently feel like they are being priced out of the market.

Mr Noakes explained that a buyer will often start off by buying a portion of a home and then may be offered the chance to purchase more of the house.

Last month, Halifax mortgages revealed the number of million pound properties being sold in the UK has actually increased over the past year.