People could seek first-time buyer help to secure 90% mortgage

29-Apr-2010

Young people planning a move onto the first rung of the property ladder may wish to seek help for first-time buyers from experts with a view to securing a mortgage being made available by Britannia and the Co-operative Bank.

The new offering from the lenders marks a return to 90 per cent loan-to-value deals.

First-time buyers will be able to apply for the home loans from tomorrow (April 30th), when the deals are added to the banks' two and five-year fixed-rate mortgages and three-year tracker contract.

"Our solution to help support first-time buyers and home movers provides … a range of market leading mortgage options," says Rod Bulmer, managing director of retail for Co-operative Financial Services.

Raising a deposit - often of at least 25 per cent of a home's value during the recession - has been one of the biggest obstacles for first-time buyers to overcome, so the new deal could be welcome news.

Along with Alistair Darling's decision to raise the stamp duty threshold to £250,000, the mortgage could signal the start of an improved period for young buyers.

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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