Mortgages favouring aspiring homeowners

29-Jun-2005

A new survey has discovered a growing trend among mortgage lenders to develop packages that are favourable to aspiring first time buyers.

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Research carried out by Moneyfacts has found that lenders are increasingly offering cheaper fixed rate deals for first time buyers, as the mortgage industry looks to bring more new blood into the market.

As the housing market appears to be stagnating, many lenders are looking to aspiring first time buyers as the solution to their problems and are therefore keen to offer very affordable deals for those attempting to get on the first rung of the property ladder.

Therefore, despite property prices remaining high, there are an increasing number of deals available for first time buyers that will enable them to overcome initial cost concerns.

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As Rachel McKay, from the Moneyfacts mortgage team, explains: "These rate reductions may indicate that lenders are now more comfortable with the fact that house values have levelled and the fear of negative equity for higher loan to value (LTV) advances has reduced."

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