Innovation the key for first time buyers

28-Sep-2005

Industry leaders have called on mortgage lenders to deliver more innovative products to bring more aspiring homeowners into the market.

To find out more about creative mortgages designed specifically for first time buyers click here

Although signs suggest that first time buyers are becoming more optimistic about their prospects of getting onto the first rung of the property ladder, a meeting of the Chartered Insurance Institute (CII) has called on mortgage professionals to develop a wider range of creative mortgages.

Richard Fox, chairman of the Society of Mortgage Professionals, told delegates at the conference: "It is important that we help the first-time buyer market, where people are often held back by the fact that they cannot borrow sufficient money to get on the housing ladder."

He added: "The industry should consider selling on 'affordability' rather than multiples, which would increase the size of potential loans in many cases."

Click here for advice on first time buyer mortgages or to find out how much you can borrow and how much it will cost you, from the UK’s leading High Street Brokers, Bradford and Bingley

There has been a fall in mortgage transactions of around 20 per cent over the past 12 months, but lenders are increasingly recognising the potential of offering attractive deals to aspiring first time buyers as a way of keeping the property market buoyant.

Click here for our first time buyers guide to buying a property

Click here for further information on finding a deposit

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