UK Mortgage News

I've been reading the news section on Mortgages over at Money Magic - and it seems the United Kingdom government is getting smart about educating home buyers on their finances.

One of the issues people in the UK can get advice from the government on is saving for a mortgage deposit (better known as a down payment in some parts). This is welcome news, since sadly, most educational systems do very little to teach young people how to prepare for buying a home or taking out a mortgage. I am not aware of the foreclosure rate or rate of default in the UK, but in the U.S. it is particularly bad at this time.

Housing minister Yvette Cooper was quoted as saying the free advice could prevent regular people from getting ripped off by loan sharks or by failing to note the small print in financial dealings. While there has already been help for people who are in serious debt, the same could not be said for "ordinary" families who could "do with some free guidance at many points in their lives," Cooper said.

Congrats then and good luck on finding and buying your own home! There is nothing like it.