First-time buyer mortgages 'may become more available'
27-Nov-2009
People looking for
first-time buyer mortgages may find that home loans become increasingly available.
This was the potential result of Northern Rock's "aggressive pricing" cited by Michelle Slade, representative of Moneyfacts.co.uk.
According to the organisation, the average rate on a two-year fixed-rate
mortgage has dropped to its lowest level in four months, dipping below five per cent.
Ms Slade pointed out that Northern Rock have come back into the market with competitive pricing as part of its plans to "ramp up" its gross lending.
She noted the significance of the firm's intention to increase the amount of money ploughed into home loans, since this could potentially represent a large portion of the UK's net lending.
This could give rise to more financial institutions providing loans, which could be good news for first-time buyers.
"Northern Rock being more aggressive has forced other lenders to have appetites to lend," Ms Slade said.
Gross mortgage lending in October rose slightly compared to the previous month, according to the British Bankers' Association.
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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