100% mortgage “encouraging”

The introduction of a 100 per cent mortgage by a national building society has been praised as being a positive move by an industry expert, not just for first-time buyers but for brokers and advisors as well.

New plans from Mansfield Building Society to bring in the mortgage have been warmly received by Helen Adams, managing director at FirstRungNow.com – a company set up expressly to help first-time buyers purchase homes.

She remarked that, although the society is likely to be fairly strict about who they lend to, the move “is a welcome change in the marketplace” and “is very encouraging” for buyers looking to find a house, as well as advisors who may have numerous people asking for help and have very few options to suggest.

However, not all debtors will be able to take advantage as Mansfield Building Society’s offer is available only to those purchasing shared ownership properties through South Yorkshire Housing Association.

By Sarah Adie