First-time buyers see mortgage options almost treble

By Daniel Culpan

The number of different mortgages available for first-time buyers has almost trebled since June 2009, according to new research from comparison website Moneyfacts.co.uk.

Figures revealed that there are currently 183 mortgage deals available on the market for people looking to get their foot on the property ladder - compared with just 62 mortgage products three years ago.

This also shows an increase since the start of this year, when there were 174 different mortgages designed for first-time buyers.

Furthermore, Moneyfacts.co.uk's research found that as the number of first-time buyer deals increased over the past two years, the average interest rate has fallen. The average first-time buyer rate currently stands at 5.22% - a notable drop from June 2009's figure of 5.63%.

Louise Holmes, spokesperson for Moneyfacts.co.uk, commented: "Higher loan-to-value mortgages have made a return to the market over recent months, suggesting lenders are taking positive steps to help the first-time buyer market. In fact there are currently 31 deals with 95% loan-to-values, an increase from just six deals in June 2009."

Tags: mortgages, mortgage, first time buyer, house, MoneyFacts

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