More deals for first-time buyers

The number of mortgage products on offer aimed at first-time buyers is the highest it has been since May this year.

According to moneysupermarket.com there are currently 1,354 mortgage deals out there for first-timers, a leap of 18.3% since August, when the number of first-time buyer products hit an all-time low.

Hannah-Mercedes Skenfield, mortgages channel manager at moneysupermarket.com, said:

“It is encouraging to see an increase in lenders providing suitable options for first time buyers, as the number of products in this arena have been low for some time. If lenders continue to give a helping hand to first time borrowers we could see a significant improvement in the housing market.

“To turn this glimmer of hope into reality for first time buyers, the Government should announce an extension on Stamp Duty exemption for properties under £175,000 in Wednesday’s Pre Budget Report. Even better, the Government could go one step further and raise the benchmark to £250,000 as recently suggested by the Conservatives.

"For those looking to step on the ladder Newcastle Builsing Society's 2-year tracker at 2.49% is currently the best product on the market for those with a 20% deposit. First time buyers should shop around and research all products carefully as once you have considered fees, an eye catching rate may not be the cheapest option.”