20 Dec

First-time buyers mortgage boost

First-time buyers mortgage boost

When it was announced by the Financial Standards Authority earlier this week that people would soon face further scrutiny when looking for a mortgage, many first-time buyers would have been forgiven for thinking the worst.

However, lenders are now coming out of the woodwork to assist those looking to make their first purchase of a property for sale in Totnes.

Leeds Building Society for example has increased the loan to value (LTV) ratio on its five-year fixed mortgages to 95 per cent, which will assist first time buyers, who typically have less money to be able to afford a large deposit.

It has also launched a 90 per cent mortgage with a rate guaranteed below five per cent.

Kim Rebecchi, Leeds Building Society's sales and marketing director said: "These products will be attractive to customers looking to budget, and particularly to those customers looking for a highly competitive deal with a low deposit."ADNFCR-1222-ID-801245284-ADNFCR

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