Lenders continue to target first time buyers

25-Aug-2005

New research has shown that aspiring first time buyers looking for a mortgage will find it easier in the current market conditions.

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

As the property market continues to slow down, finding a mortgage that fits the needs of first time buyers is getting easier, with mortgage lenders keen to get more young people onto the first rung of the property ladder.

The study, carried out by Moneyfacts, found that many lenders are now turning to first time buyers to stimulate the market, and as such are offering aspiring homeowners more creative mortgages to ensure that they can get onto that all-important first rung.

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

A number of examples were thrown up by the research, such as Earl Shilton Building Society's recently launched 40-year mortgage, as well as the Lend a Hand scheme announced by Norwich and Peterborough Building Society last week.

Rachel Mackay, from the mortgage team at Moneyfacts, explained: "A kick-start from the first time buyers sector is now seen by many as the way to stimulate the mortgage market from the bottom up."

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

Click here to see what properties are on the market in your area – whether you buy alone or with others

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