First mortgages get 10% deposit boost

05-Jul-2010

Posted by Sam Franklin

First mortgages worth up to 90 per cent of a property's value are now on offer from the Yorkshire Building Society.

First-time buyers who had been awaiting the outcome of the general election and the emergency Budget may now be galvanised to join the property ladder and the news mortgage conditions appear to be softening could be welcomed by many.

The ten per cent deposit home purchase loan is available only to first-time buyers and has a two-year fixed interest rate of 5.99 per cent.

Other finance groups are also courting the home lending market, with some providers cutting mortgage rates and fees as property listings and sales show signs of recovery.

First-time buyers seeking ways to reduce the cost of joining the property ladder may also wish to consider shared ownership, which could ease the financial burden of raising a deposit while reassuring lenders of buyers' credit-worthiness.

Economic uncertainty following the recession has reduced the availability of credit for many would-be homeowners and might have encouraged individuals to seek more creative ways to secure their first residence.

FirstRungNow can help you through the maze of first mortgages with info about best first mortgages and first mortgages mortgage advice.

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