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."