23
Sep
100% mortgage "very encouraging" for FTBs
A new 100 per cent mortgage announced by the Mansfield Building
Society is "very encouraging" for first-time buyers (FTBs), one
property expert has claimed.
Helen Adams, managing director at FirstRungNow.com, said that the
deal is a positive thing for people looking to purchase their first
property and also for mortgage advisors and brokers who want to
assist a large number of FTBs.
Only available on shared ownership properties purchased through the
South Yorkshire Housing Association, buyers who take up the loan
will own an initial 60 per cent of their home.
"This will just be like the first foray into it, but getting
first-time buyers back onto the market again is going to be good,"
stated Ms Adams.
This news comes after the Council of Mortgage Lenders reported that
the number of mortgage approvals has recently seen its first
year-on-year rise since early 2007 and that there were 56,000 home
loans in July.
