I was afraid to rent a house for the long term as my rent duration was not confirmed due to covid. My other friends working at Startup incubator in Diamond district, old airport road, and another friend working at Concentrix, Bagmane tech park also wanted to rent a house with me. This year, my office JP morgan chase located in the embassy golf links campus reopened after a long closure and I had no idea about the exact duration due to rumors of office relocation. We were three girls working in Bangalore. You will save both money and furnished house is a lot more comfortable. I would definitely recommend you to use it. I could not have stayed at hotel as I needed kitchen and Service apartments with kitchen were expensive so the fully furnished flat with kitchen provided by rentmystay was a very good option for me plus it was super affordable. They had options of 2bhk, 1bhk and Studio flat but I chose the 1bhk as it was spacious and sufficient for me and occuational guests. I was able to cook food for me and my daughter and it was home like feeling to stay there. They have fully furnished house with kitchen and all the amenities such as gas stove, cooker and kitchen items. They had options in Kasvanahalli and HSR, I chose the one located in HSR and was happy with the flat and amenties provided. I was looking for a place that is with in reasonable distance to hospital. Read more about other ways to get help getting on the property ladder including all the first-time buyer schemes.I wanted a stay for medical reasons in Columbia Asia Hospital near Bellandur as my daughter was going through medical treatment. “There will always be concerns that no deposit could risk negative equity but this is a longer-term product for that reason and if it can help some accelerate the move from renting to home ownership it could be a significant new product.” “However, it offers a measured approach that gives credit for the fact that many tenants will have built up a strong track record of managing their housing costs responsibly. “It won’t solve all the difficulties for all first-time buyers and there will be affordability limitations on the borrowing amount which may still not meet the required purchase price. “This deal recognises the fact that hard-pressed first-time buyers that have met their rent and household bills over a sustained period of time should demonstrate their ability to meet a mortgage payment lower than their rent, irrespective of the existence of a deposit. “In building our mortgage product with these challenges at the centre we’re ensuring considerations around negative equity have been fully taken into account.”ĭavid Hollingworth at L&C Mortgages said: “Talk of 100% mortgages may feel like something of a back to the future moment but it’s a very different climate to the days when they were widely available in the market. “It has been carefully created with the challenges generation rent is facing in mind, together with the potential risks and challenges they may encounter in the future too. She continued: “This is why we’re introducing our Track Record Mortgage. “With escalating rents and the cost-of-living squeeze further impacting people’s ability to save for a house deposit – it’s making it almost impossible for people get onto the property ladder.” “People trapped in renting is one of the UK’s biggest housing challenges, having a massive impact on the fabric of our society. This is where a family member or friend who owns their own home is named on your mortgage, and they are expected to cover you if you miss a mortgage payment.ĭrivers will soon be fined by AI cameras if they litter on motorwaysĬharlotte Harrison, CEO of Home Financing at Skipton, said: “We need to tackle the UK’s housing affordability crisis to enable more people, especially renters who are trapped in renting cycles, to buy their first home. Other mortgage deals with no deposits are available on the market, but they require the borrower to be backed by a guarantor. Northern Rock mortgage deal Together allowed people to borrow up to 125% of the value of a property before being pulled. The move from Skipton will be watched closely by analysts as no-deposit deals were largely blamed for causing the 2008 financial crash, following criticism of lax affordability checks. Generally speaking, 100% mortgages can also make homebuyers more vulnerable to going into negative equity - where the value of the loan is more than the property - if house prices fall. However, the interest rate of 5.49% is more expensive than the average five-year fix of 5.03%. The obvious perk of the Skipton Track Record Mortgage is it could help those who are struggling to save a deposit, and it doesn't come with a fee. Only first-time buyers aged 21 and over will be able to apply for this deal, known as a 100% loan-to-value mortgage. 10-day warning for thousands of people to become eligible for £301 cost of living cash
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