First-time buyer mortgages ‘on the rise’

The number of mortgage products available for first-time buyers has reached its highest level since May, a fact that has been described as “encouraging”.

According to mortgages channel manager at moneysupermarket.com Hannah-Mercedes Skenfield, a strong improvement in the market could be seen if lenders continue to assist first-time borrowers.

And the price comparison website noted that, although the stamp duty break is due to come to an end in January, those looking for a homeowner loan for the first time may be buoyed by the fact that 1,354 products are now available.

This is a rise of 18.3 per cent on August, the lowest levels recorded.

And Ms Skenfield called on the government to extend the stamp duty exemption for all houses under £175,000, which would “turn this glimmer of hope into reality for first-time buyers”.

Debtors were recently advised, however, that they need to be aware of the costs of mortgages, with Firstrungnow’s Helen Adams noting that mortgage advisors must work alongside new homeowners to further their understanding.

By Sarah Adie