First-time buyers given hope by new mortgage figures
The availability of mortgages requiring a deposit of just ten to 15 per cent - traditionally seen as ideal by first-time buyers - has risen by 90 per cent in the last year, according to Moneyfacts.
New figures by the financial information service show there were 1,798 home loans on the market at the start of March demanding a deposit of between zero and 40 per cent - six per cent up on February and 68 per cent higher than this time last year.
Commenting on the increased availability, Ben Wilkie, editor of Whatmortgage, says: "It really should help first-time buyers because even to get a ten per cent deposit is hard enough and to get any higher than that is outrageous, for many people."
However, the proportion of mortgages which still require first-time buyers to stump up at least 25 per cent of the home's value remains high - and could tempt some people to consider shared mortgages and shared equity mortgages.
Further good news for first-time buyers was provided by Moneyfacts this week when the organisation announced that several lenders - such as Lloyds, RBS and Northern Rock - have cut interest rates on mortgages.
How to buy a house from finding your first property, first time buyer mortgages, mortgage advice, shared equity, shared ownership, joint ownership, part buy part rent and HomeBuy. All a first time buyer could need as well as first time buyer news at FirstRungNow.com.
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Article from: www.firstrungnow.com 09/03/10
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