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B&B returns to market with FTB deal

Bradford & Bingley returned to the lending market last week with a first-time buyer product that it plans to offer to brokers through Mortgage Express later in the year.

The Professional First-Time Buyer mortgage is B&B’s first in five years and is aimed at young professionals who are looking to buy their first home but are still under training contracts and studying to gain their professional qualifications.

It is available to people training as solicitors, accountants and actuaries, as well as couples where one applicant is qualified and practising as an architect, doctor, dentist, surveyor or vet.

The list of eligible professionals will be reviewed and could be extended later in the year.

Sean Murphy, product development manager at B&B, says: “We felt there was a gap in the first-time buyer market which other lenders had been slow to explore.

“Young professionals who are not yet fully qualified and on training contracts can now benefit by being able to step onto the property ladder sooner than they expected.”

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Dear Delia

Jo is a first-time buyer and is looking to purchase an ex-council flat that is on the top floor of a six-storey block. She has only been self-employed for the past nine months so does not have a full set of accounts. Jo’s income is 22,000 and the flat is worth 90,000. She has raised a 10% deposit. What are her options?

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