Good news on mortgages for first time buyers

The news that mortgage availability is on the rise will raise the spirits of many consumers not least first time buyers.  According to the financial information service Moneyfacts the number of home loan deals on the market in the UK jumped in the last month and the trend now clearly points to lenders relaxing their mortgage criteria. 
The number of deals on offer is up 20% compared with the start of the year and some of these include deals which require only a "relatively small" deposit of 10%. In total there are now 1700 mortgages on market the highest since 2008.
However there is a sting in the tail here.  58 per cent of the deals available require a deposit of at least 25 per cent.  Whilst this figure has dropped from 61% at the start of January it still demonstrates that the vast majority of mortgage deals available are still demanding a big deposit.
Furthermore many first time buyers will still find a deposit of 10% a difficult task to accumulate.  The answer for many will still lie with schemes such as shared equity and deposit match which can help first time buyers get on the ladder. 
Overall this is good news on mortgages but first time buyers should not wait for the mortgage market to relax further before making their move.  Statistics show that house prices are beginning to rise.  My advice is to act now whilst there are schemes available to assist purchase.

Sue Warwick National Sales & Marketing Director Miller Homes