New 100% mortgage 'encouraging for first-time buyers'

25-Sep-2009

The launch of a new 100 per cent mortgage is good news for first-time buyers, it has been claimed.

FirstRungNow.com, the mortgage advice website, has welcomed the development from Mansfield Building Society, stating this will ease the burden on people buying their first property.

Helen Adams, managing director at the firm, pointed out that those stepping onto the property ladder need to provide a large deposit, making it difficult for them to get into the housing market.

She commented: "I'm quite pleased to see that somebody is willing to give 100 per cent mortgages.

"I hope this will pave the way for other similar lenders to start doing the same thing and help first-time buyers onto the first rung of the property ladder."

Ms Adams went on to say that lending of the 100 per cent mortgages would no doubt be on a conservative basis initially, but that it is a "welcome change" in the market.

Mansfield Building Society's new home loan is limited to those purchasing a house through a South Yorkshire Housing Association shared ownership scheme.

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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