Scottish Widows enhances graduate first time buyer mortgage

29-Sep-2006

The graduate mortgage from Scottish Widows has been enhanced to benefit first time buyers with improved income multipliers, First Rung states.

Changes will allow first time buyers access to higher multipliers than the bank's standard rates, following an assessment by Scottish Widows of the graduate's financial circumstances.

Gordon Bowden, business development director at Scottish Widows Bank, told First Rung: "With the challenges facing today's first time buyers, it is key for lenders to offer realistic solutions to meet the changing needs of the market."

He added that house price inflation and challenges in finding a deposit meant more first time buyers are now struggling to get onto the first rung.

The mortgage offers graduate first time buyers the opportunity to match interest rates with expected salary increases.

First time buyers can also apply to borrow 100 per cent of the cost or value of their first property, plus a further two per cent.

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