Liverpool's St Paul's Square development is welcoming the surge of innovative new mortgage products to help beleaguered first time buyers take the first step to owning their own property.
According to Mortgage Brain's Monthly Product Analysis, latest figures show that the number of mortgage products has increased for the fifth consecutive month in a row.
David Caught, Residential Sales & Marketing Director for English Cities Fund, said: "Large deposits are a major sticking point for first time buyers and high loan-to-value mortgage products were thin on the ground in 2010.
"We're really pleased to see lenders developing more innovative schemes and products for buyers who may have less money to put down as a deposit, but who have other favourable attributes going for them when applying - such as a family member who can act as a guarantor or a great credit rating.
"Lenders are finally understanding that first time buyers can be great applicants, and in order to get them on to the property ladder there needs to be options which suit their circumstances."
Matt Carragher, Consultant at Savills Private Finance, says: "Latest figures are encouraging, showing that a 13 per cent increase in product availability was seen in April bringing the total number of live mortgage products to 11,748 - its highest since September 20081.
"As a general trend lenders are also becoming more creative with their lending, in some instances they're willing to offer 85 per cent mortgages to first time buyers at rates under 5 per cent."
Matt Carragher added: "Like with anything, buyers need to shop around and seek advice from a mortgage broker about the best option open to them before taking the plunge and choosing to buy, but things are definitely looking up."
A two-bedroom apartment starts at £119,960 at St Paul's Square, which is 80 per cent of the open market price of £149,950 under the Own Your Own Shared Equity Scheme.
The remaining 20 per cent of the purchase price will be funded with a 10-year interest free loan from the developer secured against the property. A minimum of five per cent deposit is required.
For more information or to request a viewing please contact King Sturge on 0151 242 6490.
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