First time buyers 'don't need a deposit to get a good deal'

24-Jul-2006

First time buyers can secure competitive mortgage deals without saving for years to put down a deposit, mortgage adviser John Charcol states.

Although aspiring homeowners with higher deposits have access to a wider range of deals, the mortgage adviser questions whether first time buyers should delay getting onto the first rung of the property ladder.

Ray Boulger, senior technical director at John Charcol, maintained that there are good deals around for first time buyers without deposits, especially professionals and graduates.

He noted: "One of the questions people should ask themselves is should I be saving for a deposit then not be able to buy a house for X number of years?

"Or should I perhaps save a smaller deposit and be able to buy a house a bit quicker?

"Or should I not save a deposit at all and get a 100 per cent mortgage today?"

A recent report from Alliance & Leicester found that first time buyers face a shortfall of £5,000 in the deposit they are aiming to save, despite putting money aside for two years.

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