110 per cent mortgages to benefit first-time buyers
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."
Share this..
Related stories
FSA smashers alleged insider dealing ring
The FSA (Financial Services Authority) has today announced the arrest of six senior professionals in the city, from a hedge fund management company, amid allegations of a long-running insider dealing scheme. This is by far and away the largest and most high-profile investigation by the FSA into alleged insider dealing and market abuse and continues the recent run of success which the authority has...
Read MoreRyanair Decides To Attack The Price Comparison Sites
News that Ryanair, the troubled Irish budget airline, has threatened to cancel all ticket purchases made through price comparison websites has stunned the industry. The company claims that these sales, which see sites comparing ticket prices on behalf of customers, are against their rules and regulations and as such all passengers using this method will be removed from flight lists. So why wait...
Read MoreSavers beware!
As UK inflation continues to rise, from 3.4% in March to 3.7% in April, there are a number of issues which will be impacted by the growing cost of living. However, one area which often goes unmentioned is the savings industry where rates well below 3.7% mean that many savers are seeing a cut in their real spending power. In simple terms, if your savings are earning less than the rate of inflati...
Read MorePay deals fall despite climbing inflation
Growth in average pay deals slowed to three per cent in the three months to the end of April, in an indication that rising inflation has not sent wages spiralling.The modest increase followed the eight-year high of 3.5 per cent for the first quarter of 2007 which was reported in a previous study by pay experts Industrial Relations Services (IRS).During the three months to April public sector wage...
Read MoreIs Gordon Brown in the pockets of the unions?
It is no secret that Gordon Brown's tenure as prime minister has seen many highs and lows, with the man himself going through a very low point at the moment, but there are growing fears that the UK government will need to depend more and more on the trade unions. We have seen strike action increase during 2009 and many believe that 2010 could be a year of more activity on the industrial action fro...
Read More