Return of 10% mortgages 'is boost for first-time buyers'

05-May-2010

Published by Joshua Scott

First-time buyers have been given a significant piece of good news by Britannia and the Co-op with the release of their new mortgage deals last week.

According to the Daily Mail, the return of ten per cent home loans - where just a tenth of the property value must be paid upfront - means "things might finally be looking up for first-time buyers".

Included in the offerings by the two lenders is a "table-topping" fixed-rate deal of 5.49 per cent with a £999 fee for two years.

This shaves at least 0.5 per cent off the best rates available with other financial institutions, such as the Newcastle Building Society, the newspaper explains.

It means the monthly repayment a first-time buyer must find on a £150,000 mortgage is about £920.

Andrew Hagger, of Moneynet.co.uk, also recently praised a new mortgage - this time from HSBC, which launched a part-tracker, part-fixed-rate deal that could be ideal for first-time buyers.

How to buy a house from finding your first property, first time buyer mortgages, mortgage advice, shared equity, shared ownership, joint ownership, part buy part rent and HomeBuy. All a first time buyer could need as well as first time buyer news at FirstRungNow.com.

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