Moneysupermarket.com said that “as long as you go into them with your eyes open” the product was an excellent way to get a first step onto the property ladder.
Louise Cuming, head of mortgages at moneysupermarket.com, said she was confident that lenders had been targeting the right people with the products, contributing towards deposits, and making the right checks to ensure that the products worked well.
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“So I’m personally very disappointed that that particular avenue has been closed to a lot of people,” she stated.
Ms Cuming concluded that the disappearance of the products meant it has been harder to get “new lifeblood into the mortgage industry”.
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The 100 per cent plus mortgages offered first- time borrowers more than the total cost of their property.
Recently mortgage lenders Northern Rock, Alliance & Leicester, Birmingham Midshires and Abbey have all withdrawn from the 100 per cent mortgage market, and have begun to require borrowers to supply the deposit on a new home themselves.
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