24 Sep

Expert hopes 100% mortgage 'will pave the way for other lenders'

Expert hopes 100% mortgage 'will pave the way for other lenders'

One housing expert has expressed her hope that lenders will follow the lead of the Mansfield Building Society, which has introduced a new 100 per cent mortgage deal.

Helen Adams, managing director at FirstRungNow.com, said that other similar deals need to be made available to make securing a mortgage more accessible for first-time buyers.

Those who take out the loan - which is aimed at people looking to buy their first property - can borrow up to 100 per cent of the amount to cover their share of the purchase price.

"I hope this will pave the way for other similar lenders to help first-time buyers onto the first rung of the property ladder and that we can have a national offering from a number of lenders," stated Ms Adams.

This news comes after Moneyfacts.co.uk recently reported that buyers on an average two-year fixed-rate mortgage with a 90 per cent loan-to-value have seen a 0.12 per cent rate drop the past two years.


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