View more on these topics

Mortgage Talk welcomes Halifax FTB mortgage

Mortgage Talk has welcomed Halifax&#39s first-time buyer mortgage and says its a welcome boost for new homebuyers this Easter and summer.

Andrew Frankish, operations director at Mortgage Talk, adds that the products are exactly what the market needs at the moment.

He says: “Recent statistics show that the average deposit for first-time buyers has quadrupled since 1996, and is rising at a rate of almost 7% a year. Three years ago, the average first-time buyer was 34 years old, a figure that is set to rise to 36 at the end of the decade.”

“In the light of these worrying facts, I&#39m pleased to see the Halifax take the initiative to help the most beleaguered end on the housing market.

“Price rises over the last three years have made it harder than ever before for first-time buyers to get onto the property ladder. Until recently, lenders had not been doing enough to make it easy for them to afford their first home.”

The Halifax first-time buyer mortgage is a five-year fixed rate deal at 5.89%, up to 97% LTV, with 1% cashback, £199 arrangement fee and a refund of the Halifax valuation report up to £475. There are repayment fees for the term only.

Frankish adds: “Until recently, lenders have been subscribing to the principle that the bigger the deposit, the better the mortgage deal, with the result that first-time buyers are being neglected in the marketplace. This discourages first-time buyers from entering the property market which will cause a negative pressure on house prices.”

“The industry has already seen offers from second-time buyers being chosen in preference to first timers, because of the hefty deposits that they have available, thanks to recent house price rises. Hopefully, this new Halifax mortgage, together with other similar products, will help redress the balance.”


Housing spend too low, admits Kelly

Since 1960 the UK has invested a lower proportion of its national income in housing than any other EU country, the Treasury admitted last week. Speaking at the Council Of Mortgage Lenders&#39 annual lunch on Friday, Ruth Kelly, financial secretary to the Treasury, also said that house building in the UK is now down to […]

FSA must crack whip after N4

Legal firm DLA says the Financial Services Authority will have to flex its muscles come Mortgage Day to flush out unregulated brokers. For regulation to be politically well received and respected by the brokers and lenders who will have ploughed resources into making their businesses compliant the FSA will have to be seen to be […]

Post Office to offer mortgages

The Post Office has revealed that a mortgage product is under development to be offered through its joint venture with Bank of Ireland over the next two years. Although no further details are available, this is one of many financial services products in the pipeline following the launch of unsecured personal loans last week. The […]

Fees greed could kill off sub-prime

For a long time sub-prime lending had a heavy cloud hanging over it – would-be brokers in sharp suits offering a sharper practice that combined high costs and high rates in return for even higher procuration fees plus, given enough volume, the chance of an override payment. Of course, all of this was justified due […]


News and expert analysis straight to your inbox

Sign up