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Mortgage schemes and lower deposits would attract FTBs
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First-time buyers hoping to invest in property could benefit from more mortgage schemes and lower deposits, according to an industry expert.

According to MyMortgageDirect said there needed to be more of these products aimed at novice buyers.

The news comes as figures from the Council of Mortgage Lenders (CML) shows the number of property purchase loans were up 16 per cent in April.

Catherine Hearnden, director of MyMortgageDirect, said: "Some people have parents who are willing to help but we need to have more mortgage schemes aimed at first-time buyers, with lower deposits required."

The CML data shows the number of house purchase loans being taken out is still very low.

There were 35,600 loans taken out in April this year compared to 88,000 in April over the last seven years.

Ms Hearnden said: "Mortgages will be very affordable now, but it is finding the deposit and I think people should perhaps look into the government schemes that are available because there are more schemes available and they work well."ADNFCR-1100-ID-19216381-ADNFCR

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Date Published: 12 June 2009

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