First time buyers boosted by mortgage cut

19-Jul-2005

Halifax has announced that it is cutting its fixed rate mortgages by up to 0.40 per cent (40 basis points) across a number of its packages, including those for first time buyers.

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The move means that aspiring homeowners having trouble finding a mortgage will have improved options to chose from and it should help get more people onto the first rung of the housing ladder.

It is hoped that the move will provide the impetus for more mortgage rate reductions across the industry, and deliver improved mortgage packages for first time buyers.

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The reason for the mortgage drop was explained by Halifax head of mortgage products, Tim Anson, who commented: "The cost of fixed-rate mortgages has fallen considerably over recent months in response to the money markets cutting the cost of borrowing."

Many first time buyers find it difficult when finding a mortgage, as the recent climate of high inflation in the property market has meant a reduction in the number of first time buyer mortgages that are available.

But as the property market cools, it is hoped that the options for aspiring first time buyers will improve.

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