Newcastle Building Society is hoping to help first-time buyers get onto the property ladder through the launch of new mortgage deals aimed specifically at graduates.
Commenting on the launch of the 100 per cent mortgage and the guarantor mortgage, the marketing manager at the society, Steve Urwin, says the mortgage lender understands the issues first-time buyers face.
According to Mr Urwin, there are parents and grandparents who want to help their offspring become first-time buyers.
This is made possible through sharing the initial cost of a mortgage, with the first-time buyer taking on increasing responsibility as they start getting paid more.
"As a recent graduate, you might not be able to afford it from day one, but your salary might increase and you can then share more of the responsibility," Mr Urwin explains.
The new first-time buyer mortgage offerings include a deal that offers 100 per cent loan-to-value on properties valued up to £200,000.
The guarantor mortgage is available to first-time buyers between the ages of 21 and 35 who earn an annual salary of at least £15,000.
Research by Halifax found that first-time buyers need at least £23,067 as a deposit on a first property.
This puts them at a "significant disadvantage", Newcastle states.
First-time buyers need help, says mortgage lender
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First-time buyers need help, says mortgage lender
Tue, 07 Mar 2006
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