Negative equity should no longer worry first time buyers with a new mortgage by Charcol.
This five-year mortgage with fixed mortgage rates is designed to put the minds of first time buyers at rest.
The Triple Protector mortgage should eradicate any negative equity, but only under certain strict conditions.
Charcol's senior technical manager Ray Boulger said many people, particularly first time buyers, are wary of the housing market with the fate of house prices almost becoming a national obsession.
Wildly conflicting views about the future of the housing market is confusing potential first time buyers about whether or not they should get onto the property market .
The mortgage offers free insurance in cases of unemployment, sickness and accident . The mortgage rates are fixed at 4.99 per cent for five years.
The first time buyer has the option of selling the property after using the mortgage protection assistance for six consecutive months.
The mortgage lender would write off any negative equity that may have accrued on the house if it sells within 17 months.
This does not cover the deposit though.
The deposit put down by the mortgage borrower is not covered by the no negative equity guarantee and so this is primarily a mortgage for those with a small deposit, MR Boulger explained.
"The larger the deposit the less benefit the no negative equity guarantee provides," he added.
New Charcol mortgage safeguards first time buyers
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New Charcol mortgage safeguards first time buyers
Mon, 20 Jun 2005
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