Highest level of First Time Buyer products since 2007

New data from Moneyfacts show that the amount of products available to First-time buyers has reached its highest level since 2007, with the number of 90% and 95% loan-to-value mortgages now totalling at 723 products.

This marks a 73% increase on five years ago in 2010, when buyers with small deposits only had the choice of 194 products. In in 2013 there were 437, last year there were 600 and now there is 723.

With low mortgage rates and an increase in products, it looks like lenders are finally recognising the importance of first time buyers.

Charlotte Nelson, finance expert at Moneyfacts says “The improving higher-LTV market is also not an indication that riskier lending has returned, as the Mortgage Market Review is now firmly entrenched in bank policy, and only borrowers with a squeaky clean credit history and enough savings will be able to make the first step onto the housing ladder.”

For more information on how we could help you step on to the property ladder, call us on 01224 316 200 or fill in our online enquiry form.

Source: http://moneyfacts.co.uk/news/mortgages/mortgage-alert-rocketing-number-of-ftb-deals/ Published: 06/07/2015

YOUR HOME MAY BE REPOSSSESED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE