/24-7PressRelease/ - Edinburgh, Lothian, UK, August 02, 2008 - Peace of mind and financial security for our families are two key priorities in today's challenging economic climate, particularly when facing the challenge of first time home buying. With 11 years of experience in the mortgage industry, First Mortgage (http://www.firstmortgage.co.uk/) is confronting the twin threats of recession and credit crunch head-on with the launch of its unique Family Equity Loan Plan, providing that first step and giving realistic investment opportunities and security to recently wary families and loved ones.
The Equity Loan Plan (http://www.firstmortgage.co.uk/Family-Equity-Loan-Plan) has been specifically developed to proactively face the abolition of 100% first time mortgages. The concept is simple - a family member (usually a parent) supports the first time buyer by becoming an Equity Loan stakeholder on the proposed home purchase. Stakes can be as low as 10% but is purely at the discretion and budget of the stakeholder and is secured against the home.
The home buyer retains 100% of the home, with the simple stipulation that the house cannot be sold on without the stakeholders loan having been cleared.
"What the Equity Plan does is provide options for both the party buying the property for the first time and for family members who want to assist financially," explains Ian McGrail of First Mortgage. "By becoming an Equity Loan stakeholder, that family member then has the option of sharing proportionally in any profits at the time of resale, or having the loan repaid in full or in installments prior to a sale. Should the financial circumstances dictate in future, they also have the option of gifting the stake."
This practical and trouble free solution is the ideal solution in the current economic climate to first time buying. "Even though the market is undoubtedly depressed, the trend we are seeing and still advising is to buy and start as soon as possible upon the housing ladder, rather than to rent, and the Family Equity Loan Plan has been developed to enable this to happen, despite current market conditions," concludes Ian. "What we provide at First Mortgage is the means to take advantage of this extremely practical solution, with free professional advice on a solid investment for all, with no premiums or extra charges on the mortgage. Our aim is to ease the financial burden placed upon first time buyers by offering this economically sound alternative. With our Family Equity Loan Plan, home buyers and their families are enjoying benefit from total peace of mind with flexible terms to suit all parties."
Mortgage news at the moment is unnecessarily negative and its time that balance was redressed with good news; this Family Equity Loan Plan represents both a solution to a problem, and an investment opportunity in the current market. Good news for all and proving popular with First Time Buyer customers.
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About First Mortgage
First Mortgage is an 11 year old, independently owned business who are pioneering new thinking in mortgage markets with products like 'green mortgages', energy saving packs and family equity loan plans. They are impartial, fee free UK mortgage brokers.
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