Mortgage expert
moneysupermarket has given
advice to
UK buyers over
Bradford and Bingley's new
first-time buyer mortgage .
The
mortgage, targeted at young professionals in the UK trying to
find a mortgage, was designed to fill a gap in the
market which other
mortgage lenders may not have explored.
moneysupermarket asserts that
Bradford and Bingley has "cleverly recognised a more neglected target audience" in the launch of its
first-time buyer mortgage .
However Louise Cuming, head of
mortgages at the
price comparison site, claims that the mortgage has several products which will become "increasingly unattractive" over a three-year period.
"Although the enhanced
income multipliers on the Bradford and Bingley products at 100 per cent seem generous,
first-time buyers could get a better deal at 95 per cent with
lenders that utilise the affordability model to calculate maximum
borrowing," she said.
Ms Cuming also notes that young professionals with a
deposit of five per cent or over could benefit from thoroughly searching the market when trying to find a mortgage.
