New mortgages 'good news for first-time buyers'

05-Oct-2009

New mortgages on the market are good news for first-time buyers, it has been claimed.

Ray Boulger, senior technical manager at John Charcol, was responding to last week's announcement that HSBC was to offer a 50 per cent extension of their 90 per cent loan-to-value (LTV) mortgages.

He explained that this is particularly good for first-time buyers, stating that HSBC has some of the most competitive LTV products on the market.

While this is great for those buying their first property, it could also benefit others as well, he pointed out.

Mr Boulger commented: "It's certainly good news, not only for first-time buyers but for other buyers as well.

"The focus tends to be on first-time buyers when talking about a 90 per cent LTV mortgage, there are a lot of people who … want to move and need to borrow at least 90 per cent again."

He went on to add that people should be sure to have a clean credit history before applying for such a product, but for such consumers it will be beneficial.

According to moneysupermarket.com, HSBC offers the cheapest 90 per cent LTV home loan, with 3.89 per cent interest on a two-year tracker.

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