A 'helping hand' for first-time buyers

Posted: 08 Dec 2009 11:36:10 GMT

Lenders are offering "a helping hand" to first-time buyers by giving them the widest choice of mortgages since May, according to a price comparison website.

Moneysupermarket.com has found there are now a total of 1,354 home loan products available to first-time buyers.

This is an increase of more than 18 per cent since August when the number of mortgages available were at their lowest levels.

Although some first-time buyers could be hit hard by the plans to end the current stamp duty holiday in January, the increase in the number of products available is "encouraging", according to Hannah-Mercedes Skenfield, mortgages channel manager at the site.

She went on to add: "If lenders continue to give a helping hand to first time borrowers we could see a significant improvement in the housing market."

Ms Skenfield says that the government should extend the stamp duty holiday at tomorrow's (December 9th) pre-Budget report to turn this "glimmer of hope" into a reality.

Properties that are valued under £175,000 are currently exempt from the tax, but the threshold is set to drop to £125,000 from January 1st onwards.

© Houseladder Ltd