Short-term mortgages 'good for first-timers'

Date:Wednesday 2nd December 2009
Author: Max Freedman

Short-term mortgage deals can be good for first-time buyers, according to one sector commentator.

Helen Adams, managing director of, said that they can help people who are keen to climb on to the property ladder to take their first steps in a relatively straightforward manner.

"Typically, a deal which lowers your mortgage costs at the beginning of the term can help you in the first couple of years," she explained.

However, Ms Adams stated that people should always be aware of the fact that such costs will rise at the end of the period in question.

She made her comments after the Council of Mortgage Lenders published research which showed that gross mortgage lending for October stood at an estimated £13.5 billion.

This represented a rise of five per cent from the £12.9 billion in the previous month, but a drop of 27 per cent when compared to the £18.5 billion lent in October 2008.