Low deposit mortgages welcomed news for first time buyers

23-Jan-2012

First time buyers will welcome the news that low-deposit mortgages are making a 'strong resurgence', according to recent figures by comparison websites Moneyfacts.co.uk.

Ninety per cent and 95 per cent loans are making notable comebacks, and the choice of residential mortgages has seen an increase on the previous year.

There is now a choice of 3,180 residential mortgages available compared to 2,527 12 months ago. 49 mortgages are currently available at 95 per cent loan-to-value (LTV), which is over double that were available in January 2011, and significantly more that what was available in April 2009. There are a further 280 deals on offer at 90 per cent LTV.

However, it has been warned that the economic climate will still dictate bank confidence in the mortgage market, with many banks and building societies toughening the criteria for mortgages.

Many providers still prefer assurances of a proven track record, according to Moneyfacts spokeswoman Sylvia Waycot. This is highlighted in the incentives offered to those remortgaging such as free legal fees, free valuations or cash back.

There is a vast array of mortgages for first time buyers so seek good advice

Published by Joshua Scott

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