23 Sep

100% mortgage "very encouraging" for FTBs

100% mortgage "very encouraging" for FTBs

A new 100 per cent mortgage announced by the Mansfield Building Society is "very encouraging" for first-time buyers (FTBs), one property expert has claimed.

Helen Adams, managing director at FirstRungNow.com, said that the deal is a positive thing for people looking to purchase their first property and also for mortgage advisors and brokers who want to assist a large number of FTBs.

Only available on shared ownership properties purchased through the South Yorkshire Housing Association, buyers who take up the loan will own an initial 60 per cent of their home.

"This will just be like the first foray into it, but getting first-time buyers back onto the market again is going to be good," stated Ms Adams.

This news comes after the Council of Mortgage Lenders reported that the number of mortgage approvals has recently seen its first year-on-year rise since early 2007 and that there were 56,000 home loans in July.
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