100% mortgages can help FTBs

First-time buyers (FTBs) can benefit from 100 per cent mortgages if their circumstances suit.

Recent years have seen this type of mortgage and adverse credit mortgages increase in popularity and Key Financial Consultants says that the deals are suitable for many people.

However, Dominic Mansley, managing director, also pointed out that borrowers need to be sure that they can keep up with payments.

"It very much depends on the individual circumstances, but where we see people with an expected career progression which will result in a higher income at later stages in their life – perhaps they're a newly qualified professional going through the process of building up their career – then we certainly don't feel uncomfortable recommending [100 per cent-plus mortgages]," he said.

"We would however feel less comfortable recommending to perhaps a non-professional that they get themselves into such a heavy debt. But, as I say, it's very much down to the individual's circumstances," added Mr Mansley.

Recent figures from the Council of Mortgage Lenders revealed that the average FTB borrows 90 per cent of the value of their property.

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