2 Dec

Short-term mortgage deals 'can help' first-time buyers

Short-term mortgage deals 'can help' first-time buyers

Short-term mortgage products can offer first-time buyers access to the property ladder, an industry expert has said.

Helen Adams, managing director of Firstrungnow.com, commented that deals offering low costs at the beginning of the life of the loan can be "a good way of starting out" if buyers are keen to own their first property.

However, she cautioned borrowers to be wary of the costs that will increase at the end of the period and called on mortgage advisors to help people making their first move into the housing market to negotiate the minefield of financial information.

"It is important that first-time buyers work with mortgage advisors who can explain it to them," Ms Adams said.

Figures released by Moneyfacts in November 2009 indicate that there are more than double the number of short-term mortgage products on offer than at the same time last year.

The research found that there were 410 two-year deals available in November this year, compared with just 257 in 2008.

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