New options for first time buyers

12-May-2005

New offerings are being put forward by a number of lenders in a bid to boost the number of first time buyers in the market.

Click here for our first time buyers guide

According to research from Woolwich, the number of loans given to first time buyers has fallen by 37 per cent since 1999, largely due to the spiralling costs of purchasing a property, with high house prices being compounded by stamp duty charges.

Finding a mortgage can be a serious hurdle to first time buyers when looking for a property, but now more and more lenders are responding to the problem by offering more and more mortgages aimed at helping first time buyers onto the market.

Click here for advice on first time buyer mortgages or to find out how much you can borrow and how much it will cost you, from the UK's leading High Street Brokers, Bradford and Bingley

One area that is becoming popular is joint mortgages, where aspiring homeowners club together with friends to pool their resources and go into a joint ownership arrangement.

As the head of mortgages at Woolwich, Andy Gray, explained: "First time buyers face particular problems in the UK, through a combination of high house prices, and stamp duty costs which can be the final financial straw."

See what's in our unique, comprehensive and detailed joint ownership guide

Click here to find out about the finances of borrowing with friends

2008: May | Apr | Mar | Feb | Jan

2007: Dec | Nov | Oct | Sep | Aug | Jul | Jun | May | Apr | Mar | Feb | Jan

2006: Dec | Nov | Oct | Sep | Aug | Jul | Jun | May | Apr | Mar | Feb | Jan

2005: Dec | Nov | Oct | Sep | Aug | Jul | Jun | May | Apr | Mar