Mortgages "becoming more competitive"

10-Oct-2008

The number of available mortgages is increasing and the products are becoming more competitive, according to one industry expert.

First-time buyers (FTBs) looking to step on to the first rung of the property ladder could benefit from this.

Andrew Frankish, managing director for Mortgage Talk, comments: "Despite recent reports, many lenders still have significant funds available for those who are looking to secure a mortgage."

He points out that interest rates are decreasing and fixed-rate mortgages remain competitive.

FTBs who are struggling to save up a deposit should consider the incentives available from house builders, Mr Frankish advises.

Offers include the paying of deposit or stamp duty and shared equity schemes, he explains.

Mr Frankish adds that FTBs should contact an independent financial adviser to find out what options are available and ensure they take advantage of the deals available.

This week the Bank of England monetary policy committee reduced the interest rate to 4.5 per cent, a day before the official announcement was due.

FirstRungNow.com - how to buy a house, from finding your first flat or first house, first time buyer mortgages, shared ownership, buying with friends, gifted deposit, part buy part rent - all a first time buyer could possibly need.

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