New mortgage targets graduate buyers

Posted: 11 Oct 2006 09:06:10 GMT

A new mortgage product has been launched to help graduate first-time buyers and young professionals.

A new mortgage product has been launched to help graduate first-time buyers.

Britannia Building Society and specialist intermediary Graduate Network have joined forces to provide a new Share to Buy mortgage for young professionals.

Up to four people can team up to buy a new home worth up to three times each of their salaries and the mortgage is open to both graduates and young professionals.

The inclusive Britannia/ Graduate Network mortgage package comes complete with a free comprehensive legal agreement drawn up between all parties, no early repayment charge, no administration or arrangement fee and up to 90 per cent loan to value (LTV) is available.

Tim Franklin, Britannia's managing director of member business, said: "Many graduates and young professionals have built up sizeable debts as students, but even with a city income these young people are struggling to purchase a home."

Hundreds of first-time buyers are failing to get a foot onto the property ladder, as average house prices in London soar to £280,000 and concerns about affordability are growing as property prices continue to rise.

A recent poll indicated that around half of UK graduates cannot currently afford to purchase their first home.

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