First-time buyers given mortgage market boost

27-Apr-2010

Published by Joshua Scott

First-time buyers struggling to raise a 25 per cent deposit on a new home have been given a boost in recent times.

New figures from Moneyfacts show competition in the mortgage market is increasing, which could drive down rates and relax the need for one-quarter of a property's value to be paid upfront.

Statistics reveal the typical monthly repayment on a £150,000 home with a two-year fixed-rate mortgage in place is now £50 lower than it has been on average since the UK's base rate fell to 0.5 per cent.

This is having a knock-on effect in terms of lending criteria and some first-time buyers may now be in a position to secure a deal without stumping up a quarter of the cash.

Michelle Slade, spokesperson for the website, says: "A 25 per cent deposit remains the benchmark for the majority of the most competitive deals. However, borrowers with a small deposit are increasingly getting access to a wider proportion of the market."

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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