52) A promise lacks consideration if a person promises to perform an act or do something he is already under an obligation to do. This is called a(n) ________. 52) A) illusory promise B) preexisting duty C) illegal consideration D) gift promise 53) Dean Campenella is a detective with the California state police.
What about first-time home buyers or those with little to no equity? In today's market, it is prohibitive even for the most frugal of first-time home buyers to come up with a traditional down payment. Houses that sell for $200,000 would require a down payment of $20,000 to $40,000, but there are options. Let's look at some of them.
Calculator: The impact of rate rises. Today, the average first-time buyer spends Â£147,000 on their first home, with a 20pc deposit of Â£29,400 and a mortgage worth Â£117,600. The average income is Â£35,918 and the average deposit as a percentage of income is 82pc â eight times that of their parents in 1983.n 1983, the average first-time buyer paid Â£17,021 for their home with a deposit of Â£1,021 and a mortgage of Â£16,000. The average borrower had an income of Â£8,316 and the average deposit as a percentage of income was 12pc. Tables: Best fixed and variable rate mortgages.