New home buyers will be faced with more choice than ever, after several high street providers cut the cost of loans.
There are around 2,003 mortgages to choose from – the highest number since December 2008, claims Moneyfacts.
In separate research by Moneyexpert, it was found that first-time buyers can benefit from a choice of 147 fixed-rate products that suit borrowers with a deposit of ten per cent or under.
Today Santander announced that first-time buyers purchasing a new flat can now borrow up to 80 per cent of the value. Those wanting to buy a new home can borrow up to 90 per cent.
The last time Santander – then known as Abbey – lent that percentage of loan-to-value on new builds was in March 2008, signalling that the property market will be opened up for first-time buyers.
HSBC, London & Country and First Direct are among those to have cut prices, with the Newcastle Building Society launching a new range this week that could give cash-strapped borrowers up to 90 per cent loan-to-value.
First-time buyers taking advantage of such offers to buy new builds could potentially shave thousands of pounds off deposits.
See Also: Property News (6711)
Date Published: 24 February 2010
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