Mortgage lenders are being increasingly creative when it comes to meeting the needs of first-time buyers, it has been claimed.
The difficulties faced by that section of the house buying demographic have led to some innovative mortgage products being placed on the market, according to FirstRungNow.
There are several mortgages products – such as 100 per cent loan-value and interest-only – that are aimed largely, although not exclusively, at first-time buyers.
Helen Adams, managing director of FirstRungNow, said: “In the last year or so, mortgage lenders have been quite creative and they’re coming up with new, innovative mortgages to help first-time buyers.”
However, she added that, in her opinion, there is “a price to be paid for these new products”, which are often expensive.
In related news, the British Bankers’ Association has revealed that the number of people taking out a mortgage in April fell slightly when compared to March figures.
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