More loans for first time buyers

The number of mortgage products available for first time buyers is at its highest since May this year, with 1,354 products now available.

This is an increase of 18.3% since August when products were at their lowest levels.

Commenting, Hannah-Mercedes Skenfield, mortgage channel manager at moneysupermarket.com, said: "It is encouraging to see an increase in lenders providing suitable options for first time buyers, as the number of products in this arena have been low for some time. If lenders continue to give a helping hand to first time borrowers we could see a significant improvement in the housing market".

"To turn this glimmer of hope into reality for first time buyers, the Government should announce an extension on stamp duty exemption for properties under £175,000 in Wednesday's Pre Budget Report. Even better, the Government could go one step further and raise the benchmark to £250,000 as recently suggested by the Conservatives.”

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