Financial Advice UK - Mortgages News - 110 per cent mortgages to benefit first-time buyers

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Mortgages News - Last Updated Monday 20th August 2007

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110 per cent mortgages to benefit first-time buyers

Monday 20th August 2007

According to research by Alliance & Leicester Mortgages, three out of four mortgage brokers feel that first-time buyers stand to benefit the most combined mortgage and personal loan products.

Over half of brokers questioned expected first-time buyers with little or no deposit to be the most keen to plump for 100 per cent plus LTV mortgage, and more than half thought there would be an increase in the need for advice on the product during the next two years.

One in five thought the added loan would be suited to those who needed extra cash for home improvements or furnishings.

Another 22 per cent said they were also a good product, because they allowed people to get on the property ladder sooner, and take advantage of prices that would no doubt rise while they saved a deposit.

Jeremy Claridge, head of specialist mortgages at Alliance & Leicester, said: "When innovative products come onto the market, it's important they actually fill a gap and help those who need it most.

"Rising interest rates and house prices means first-time buyers need flexible products that will help them get onto the housing ladder."

Mr Claridge added: "The cost of borrowing has changed shape in the UK with first time buyers needing a bigger helping hand to get onto the housing ladder."