Number of mortgages for first-time buyers 'increasing'

Date:Monday 7th December 2009
Author: Max Freedman

First-time buyers now have the highest number of mortgages to choose from since May, according to moneysupermaket.com.

The price comparison site reported that there are currently 1,354 products on the market for those looking to take their first steps onto the property ladder.

This represents a 18.3 per cent increase in the mortgages available since August of this year when the figure hit its lowest levels.

Hannah-Mercedes Skenfield, mortgages channel manager at moneysupermarket.com, said: "If lenders continue to give a helping hand to first-time borrowers we could see a significant improvement in the housing market."

She added that in order to help even more people to take out a mortgage, the government should extend the stamp duty holiday beyond its January 1st deadline, when it will return to its original threshold of £125,000.

Moneysupermarket.com recently commented on the launch of First Direct's offset tracker mortgage, saying it was good to see another product which will allow holders to make good use of their savings capital.