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Hope returns to first-time buyer market
The number of mortgage products available to first-time buyers has almost trebled since June 2009. There are currently 183 mortgage deals designed for those taking their first steps onto the property ladder, compared to just 62 in June 2009.
Number of first-time buyer mortgage deals |
|
Today |
183 |
January 2011 |
174 |
June 2010 |
139 |
June 2009 |
62 |
Source: Moneyfacts.co.uk 8.6.11 |
|
As the number of first-time buyer deals has increased over the past two years, the average rate has reduced.
Average first-time buyer mortgage rate |
|
Today |
5.22% |
January 2011 |
5.24% |
June 2010 |
5.37% |
June 2009 |
5.63% |
Source: Moneyfacts.co.uk 8.6.11 |
|
Louise Holmes, spokesperson for Moneyfacts.co.uk, commented: “First-time buyers are often considered to be the life-blood of the housing market. As well as high mortgage rates, many borrowers have found it incredibly difficult to find funds for large deposits, often entirely beyond their financial capabilities.”
“Higher loan-to-value mortgages have made a return to the market over recent months, suggesting lenders are taking positive steps to help the first-time buyer market. In fact there are currently 31 deals with 95% loan-to-values, an increase from just six deals in June 2009.”
“These positive figures should offer some hope to those who dream of owning their own home.”
Moneyfacts Group
Moneyfacts is the UK’s leading independent provider of personal financial information and our data is used and trusted throughout the financial industry.
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