More lenders are offering their best UK mortgage deals to first-time buyers
The number of lenders who are offering their best UK mortgage deals to first time buyers is growing, according to a Bank of England report.
First-time buyers will benefit from the rise in the number of best UK mortgage deals offered by lenders in the first three months of 2012, according to the Bank of England. Its latest Trends in Lending report says "lenders expect the availability of secured credit to households to increase slightly in 2012 Q1, with the rise concentrated on borrowers with high LTV ratios".
The Halifax have launched a new fee free 2 year fixed rate mortgage aimed at first time buyers with 5.99 per cent for 85 to 90 per cent LTV. Their First-Time Buyer Pledge has been specifically designed to help first-time buyers in 2012, these borrowers will not only have their product fees waived but, will also receive a cashback lump sum of £500 to help with any other additional costs such as conveyancing.
Often for first-time buyers the challenge isn't in finding a property but, in saving enough of a deposit to secure a competitive mortgage. In the future many first-time buyers may have the option of buying through a new government-sponsored scheme, offering 95 per cent mortgages on new build properties. A launch date for the scheme is yet to be announced but this in conjunction with lenders best UK mortgage deals should make property purchase attainable for those wanting to get a foot on the first rung of the property ladder.
