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New buyers looking to spend as little as possible

Date: Mon, 17 Oct 2005

First time buyers are hoping to spend as little as possible when stepping on to the property ladder.

In particular, new buyers are hoping to not only spend less than the national average for house prices but also save money by taking advantage of fee free mortgage products.

The latest Alliance & Leicester Mortgages’ quarterly moving improving index shows that 1.3 million non-homeowners hope to pay less than £184,000 for their first home, with just 15 per cent of potential home owners planning to spend over this average.

"Our survey reveals that most first time buyers are pragmatic about the amount of money they can afford for their first home," said Stephen Leonard, director of mortgages at Alliance & Leicester.

He added: "First time buyers are in a good position to take advantage of the positive moves lenders are taking to ease their financial burden."

Lenders are hoping to compete for the lucrative first-time buyers by offering not only low fixed interest rates but also providing arrangement fee free mortgage loans.

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