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First Time Buyers are Seizing the Moment Get Mortgages

Housing-Market / Mortgages Aug 12, 2010 - 04:06 AM GMT

By: MoneyFacts

Housing-Market

The First Time Buyer mortgage market has seen an increase in activity of late. Latest figures released by the Council of Mortgage Lenders have shown a 20% rise in approvals for first time buyer mortgages in June.

Moneyfacts research shows that the current average two year fixed first time buyer rate for borrowers with a 10% deposit is 6.15%, down from 6.48% six months ago.


For those fortunate enough to lay down 25% of the property value, the average two year fixed rate has reduced to 4.11% from 4.37% during the last six months.

Average 2 year fixed first time buyer rates

 

Aug-09

Jan-10

Aug-10

Average 2 year fixed (max 90% LTV) 6.22% 6.48% 6.15%
Average 2 year fixed (max 75% LTV) 4.68% 4.37% 4.11%
Average 2 year fixed (max 60% LTV) 4.60% 4.49% 4.02%

Louise Holmes, spokesperson for Moneyfacts.co.uk, commented: “Potential borrowers dreaming of owning their first home will have been pleased with recent reports suggesting a fall in house prices.

“Mortgage lenders, however, see house prices continuingly falling as a threat and usually review their credit criteria by increasing deposit requirements.  

“First time buyer mortgage rates have fallen over the past six months and it is understandable that they are using this as a window of opportunity.

“The fact remains that lenders will always offer a better rate to borrowers with a bigger deposit.”

“First time buyers currently have to raise an average deposit of £44,030 for their first home. At this level, borrowers must surely be finding themselves reliant on the so-called ‘Bank of Mum and Dad’ to assist with raising funds.”

www.moneyfacts.co.uk - The Money Search Engine

Moneyfacts.co.uk is the UK's leading independent provider of personal finance information. For the last 20 years, Moneyfacts' information has been the key driver behind many personal finance decisions, from the Treasury to the high street.


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