Abacus Daily Debt News

‘Good news’ for first-time buyers

Brits trying to get on the property market for the first time could find themselves assisted by building society Nationwide, as the firm has introduced new options for borrowers, designed to make the process more efficient and cost-effective.

The institution has implemented plans to reduce the amount people need to pay in order to secure a deal, offering them one of two choices - either a £250 reservation fee discount and free legal fees or a bigger discount on the reservation charge, from £250 to £500.

Mortgage director at Nationwide Andy McQueen remarked that these new offers, combined with rate reductions, "should really help first-time buyers".

"We are reducing the amount that they need to pay upfront and so hope we’ve removed a barrier which may have prevented people from buying a home," he continued.

Last month, Nicholas Leeming of propertyfinder.com noted that many potential buyers are finding it difficult to obtain loans, despite improvements in the market, with those already on the property ladder the only ones to feel the effects of this thus far.

By Sarah Adie