A web based software which helps would-be householders navigate their shopping for choices and obtain tips about their funds has been launched as we speak by Leeds Constructing Society.
First Dwelling Helper, which is available on the mortgage lender’s website, runs by way of a sequence of questions then offers the person hints and suggestions primarily based on their circumstances.
For instance, it could assist aspiring homebuyers perceive how a lot they’ll borrow and what they might want to put away every month to save lots of for his or her deposit.
However it’s going to additionally provide details about completely different mortgages and schemes which are out there within the wider market.
Leeds, which has joined forces with fintech firm Life Moments to create the software, stated it might have options to swimsuit completely different circumstances. From customary or low deposit mortgage to Lease to Personal schemes, household guarantor mortgages, Joint Borrower Sole Proprietor mortgages, and Shared Possession.
It makes it ideally suited for aspirational first-time patrons who’re unclear on the choices out there to them, and the way lengthy it would take them to get onto the property ladder.
Certainly, analysis by the constructing society revealed simply how complicated first-time patrons discover the house shopping for course of. Greater than a 3rd of these quizzed had by no means heard of Shared Ownership earlier than – regardless of it being route which might genuinely assist put homeownership inside attain of extra individuals.
Shared possession permits patrons to buy a share of the property and hire the remainder, that means they require a smaller deposit and repayments are extra manageable.
Leeds stated it had seen a 19% enhance in functions for Shared Possession mortgages within the first 5 months of this yr in comparison with 2022.
Vanessa Roberts, head of technique and accountable enterprise stated: “There has by no means been a more difficult time to get on the housing ladder, and for a lot of the house shopping for course of can really feel complicated and overwhelming.
“Leeds Constructing Society’s new First Dwelling Helper on-line software will enable these aspiring to get onto the property ladder to discover the completely different routes to homeownership and provide suggestions that may assist them get onto the property ladder sooner.
“Serving to aspirational householders to get a foothold on the ladder is on the coronary heart of our goal. Creating this new software in partnership with Life Moments permits us to assist first-time buyers as they navigate the choices out there to them and provides them the arrogance to take the primary steps in direction of shopping for their very own residence.”