'Marked rise' in mortgage products aimed at first-time buyers

Posted: 10 Feb 2010 10:21:58 GMT

There has been a marked rise in the number of mortgage products that are being aimed at first-time buyers, it has been revealed.

New figures from Countrywide show that eight out of the top ten mortgage applications for January were aimed at first-time buyers.

Additionally, four of these products offered a 90 per cent loan-to-value (LTV) deal.

It would appear that the seasonal rise in mortgage applications usually experienced at this time of year has helped the market, with the statistics revealing that the number of mortgage applications rose by 14 per cent in January.

Grenville Turner, chief executive of the Countrywide Group, says: "Activity in the market is on the up with our estate agency division reporting a 32 per cent increase in new buyer enquiries. Lenders are moving in the right direction."

However, chief executive of Firstrung Paul Holmes recently advised that despite the increased availability of high LTV mortgage products, many first-time buyers are still struggling to raise the deposit that is required for them to get a foot onto the property ladder.

© Houseladder Ltd