First time buyers choosing 100% mortgage deals

02/11/2007

First-time buyers are trying hard to get their foot on the property ladder, however recently first time buyers have become more determined than ever before and are now choosing 100% mortgage deals to fund a home.

The Fair Investment Company have explained that while overall interest in mortgages have decreased over time, the share of this that has increased from first-time buyers has in fact moved upwards.

Towards the start of 2007 they witnessed 56 per cent of mortgage enquiries, through time this has jumped to 74 per cent throughout the last three months.

To add, the information showed that first-time buyers are searching for 100 per cent mortgages with growing regularity, with exploration into commodities of this nature now summing up for 92 per cent of interest.

Director of Fairinvestment.co.uk, James Caldwell commented: "Britain's love affair with the property market is far from over, despite the recent dip and the gloomy forecasts for the next few years."

Nevertheless, John Charcol mortgage lender only just estimated that the market would prolong to slow in rapidity, leading to dips in the base rate next year.

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