First-time buyers

With property prices surging ahead in many areas despite the prevailing economic conditions in the UK, buying a new home in London is tough even if you are a working couple, with many lenders requiring large deposits from first-time buyers.

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The New Year has begun with borrowers seeing some of the lowest mortgage rates in British history. The Guardian reports that there has been a "flurry of activity in the mortgage market" with lenders using cheap borrowing from the government's Funding for Lending Scheme to offer cheaper and cheaper deals. And experts believe that rates are set to improve even further over the next few weeks.

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David Wilson Homes is inviting house-hunters looking to buy their first home to a special event at its Portman Square development in Reading, Berkshire this weekend. Taking place between 11.00am and 4.00pm on Saturday 19th January, it's a great opportunity for first-time buyers to see the new homes in person and speak to the sales team and finance experts about their options.

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One of the UK's major lenders has launched a brand new scheme aimed at boosting the first-time buyer market in 2013. Barclays' ‘Family Springboard' scheme aims to offer affordable mortgage deals to new buyers with just a 5% deposit.

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National housebuilder Barratt Homes is inviting house-hunters in Buckinghamshire, Bedfordshire, Leicestershire, Northamptonshire and Peterborough to take part in its Great Barratt Move promotion with a series of events taking place this weekend, Saturday 19th January and Sunday 20th January. Some events are aimed at first-time buyers, while others will appeal to homeowners considering a part exchange deal as a way of securing a timely move.

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Competition is hotting up in the mortgage market as three more providers start the New Year with a raft of competitive rates for first-time buyers, movers and re-mortgagers. Homebuyers now have even greater choice thanks to a number of new mortgage products and can look forward to reduced monthly outgoings due to significant rate cuts.

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With the average age of a first-time buyer in the range of 35, according to a recent survey by Post Office Mortgages, Redrow Homes is helping those looking for their first home in North Wales to get onto the property ladder for less with its easi:buy shared equity scheme.

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New figures have revealed a sharp jump in the number of mortgages taken out by first-time buyers. Council of Mortgage Lenders (CML) data shows that there was a 14% leap in the number of first-time buyer home loans in October after a slow September.

The reports said that if the current improvement in lending continued as expected, "next year should feel a more stable and positive year in the housing and mortgage markets."

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The UK is four months into the government's Funding for Lending scheme and it appears that first-time buyers are at last benefiting from cheaper mortgage deals. As well as an increase in the number of mortgage products on the market for borrowers with a small deposit, the deals on offer are coming down in price.

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New figures from the Council of Mortgage Lenders (CML) have revealed that the number of first-time buyer mortgages in Scotland reached its highest level in almost three years between July and September this year.

The data shows that first-time buyer loans were up 9% on the same period in 2011. A property expert has attributed the rise to low house prices and strong affordability in Scotland, saying that the outlook for new home buyers looks brighter than for some time.

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