ADVICE COLUMN: First time buyers can get on property ladder without breaking the bank

dailyrecord.co.uk:

Hello and welcome to this months advice column where I want to explain an exciting development in the mortgage world in the last month which may help first time buyers finally get themselves on the property ladder without having to break the bank to do so.At Mortgage Advice Bureau, we have access to over 90 lenders across the UK and one of those only available to brokers is Accord Mortgages who, around a month ago, launched a product that allows first time buyers to purchase a property with as little as one per cent deposit.This could be a game changer for those looking to buy a house but struggling to get a large enough deposit over £5,000.A lot of first time buyers we speak to have some sort of savings put away but are having to save for a long time, others are lucky enough to get a gift from family to help.The Lanarkshire Live app is available to download now.

Get all the news from your area – as well as features, entertainment, sport and the latest on Lanarkshire’s recovery from the coronavirus pandemic – straight to your fingertips, 24/7.The free download features the latest breaking news and exclusive stories, and allows you to customise your page to the sections that matter most to you.Head to the App Store and never miss a beat in Lanarkshire - iOS - Android This product opens up a chance for home ownership without potentially having to wait as long to save or ask family for help.As always with any mortgage borrowing there is standard criteria, credit and affordability checks to be met, however here’s some key information about the new mortgage with Accord:For joint applications, only one person must be a first time buyer.