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Good news when taking out first UK mortgage

Date: Mon, 27 Jun 2005

First-time buyers appear to be securing cheaper fixed rate mortgage deals.

Moneyfacts believes that lenders are particular keen to appeal to new property buyers and are offering a wide range of good value products as the house market remains stable.

"These rate reductions may indicate that lenders are now more comfortable with the fact that house values have levelled and the fear of negative equity for higher loan to value (LTV) advances has reduced," said Rachel McKay from the Moneyfacts mortgage team.

"The reduction in these interest rates combined with house prices slowing and the government talking of new first time buyer initiatives may mean there's a glimmer of light at the end of the tunnel for those looking to get onto the housing ladder."

Products available to potential house buyers include competitive fixed rates starting at 4.59 per cent, available from lenders such as Yorkshire Bank and Clydesdale.

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