Loans 'still available' for first time buyers

28-Jun-2007

First time buyers are still able to borrow enough capital to fund a house purchase even if they have poor credit records, the Mortgage Advice Bureau (MAB) has announced.

Despite a series of interest rate rises and a fall in the proportion of the mortgage market made up of first time buyers, the MAB has said that flexible deals such as those combining secured mortgages with unsecured loans can still be found on the market.

"Borrowers who think they have come to the end of the road when trying to find a mortgage may be in for a pleasant surprise," commented MAB head of lending Brian Murphy, according to CityWire.

"There are plenty of options available. Mortgage Advice Bureau recommends that people take some time to sit down with a mortgage advisor who will go through your options and help find the deal for you," Mr Murphy added.

However, earlier this month the MAB cautioned borrowers coming to the end of fixed-rate deals set up in 2005 over the sharp rise in repayments that they were likely to face this year.

To find out about those mortgages specifically aimed at first time buyers, see our best buys for first time buyers table.

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