Money Insider: First-time buyers given more mortgage choices - Mortgages, Money - The Independent

Money Insider: First-time buyers given more mortgage choices - Mortgages, Money - The Independent

The housing market has been virtually a no-go area for first-time buyers since the banking crisis in 2008. At one stage it was almost impossible to get a mortgage unless you had at least a 25 per cent deposit, with banks adopting an ultra-cautious approach.


Now banks and building societies are starting to re-enter the market for first-time buyer specific mortgages. In recent weeks we have seen new incentives and mortgages available up to 95 per cent loan to value from Clydesdale Bank, Skipton Building Society and Nationwide Building Society. Moneynet research shows that the number of 90 per cent LTV mortgages has more than doubled in the last two years. But the fact that a 5 per cent deposit is again considered acceptable doesn't mean it will be easy to get such a mortgage.