Santander mortgage 'ideal for first-time buyers'

04-Mar-2010

Would-be first-time buyers who can scrape together a 20 per cent deposit on a new home may be interested in a mortgage from Santander.

The Spanish commercial bank has announced that the interest rate on its 80 per cent mortgage deals will be lowered by 0.74 per cent.

Such a deal could be particularly attractive to first-time buyers - provided they have the necessary deposit.

Phil Cliff, mortgage director for Santander, said: "Where borrowers can, saving a bit extra for their deposit is definitely worth it as they will benefit from a much lower rate on their mortgage."

Those without the deposit may wish to consider a shared mortgage or shared equity mortgage as ways of getting on the first rung of the property ladder.

Now could be the best time to attempt a first buy, with Nationwide recently revealing a one per cent fall in house prices during February.

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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