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Posted by Emily Jones

First-time buyers keen to get on the property market may be buoyed by the news that the average rate for 90 per cent loan-to-value (LTV) products has dropped to 5.82 per cent since the beginning of 2010.

According to moneysupermarket.com, there has also been a 22 per cent climb in the number of packages available to this demographic since January, with the biggest hike seen in mortgages at an LTV of 80 per cent, experiencing a 76 per cent jump since the start of the year.

Site editor with the price comparison site Clare Francis called this encouraging, describing first-time buyers as "integral" to the prospects of the housing market.

However, she did add that "the best rates are still only available to those with large deposits - you need at least 25 per cent".

Recommendations regarding borrowing have also just come from unbiased.co.uk's mortgage advisers, with Bob Riach suggesting acting now to take advantage of lower interest rates. 

08/11/2010 12:21