Mortgages favouring first time buyers

05-Apr-2005

Mortgage firms are increasingly looking to tempt aspiring first time buyers into the property market, new statistics suggest.

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According to estimates from price comparison website MoneyExpert, first time buyers could save up to £2,234 a year when finding a mortgage.

While Moneyexpert chief executive Sean Gardner admitted that being a first time buyer can be "daunting", not to mention expensive, he added: "However, competition to win over first time buyers is strong, and there are some great deals available."

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Finding a mortgage is becoming increasingly easy for first time buyers, as market conditoins together with the government's drive to boost the number of aspirirng homewoners getting onto the property ladder, mean that lenders are now targeting new entrants to the market.

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Mr Gardner explained: "Unfortunately too many are not aware of these offers and find themselves paying far too much for their first mortgage."

MoneyExpert found that although the average standard variable rate mortgage would cost the average first time buyer £630.75 a month in interest, by choosing a mortgage designed for first time buyers this figure could be cut to around £444.56 a month for two years.

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