First-time buyers 'need funding help'

First-time buyers need help with funding their home purchases, it has been asserted.

More schemes are needed to assist people who struggle with getting together a large deposit, according to First Rung Now.

Finding an affordable mortgage can be a "huge problem", managing director of the firm, Helen Adams, said.

Even loan-to-value options of 15 per cent can mean people have to shell out a "lot of money", she commented.

"There aren't many places for first-time buyers to go," she added, remarking HomeBuy schemes are a "great opportunity" for those seeking a place to live.

This plan was put in place in 2006 and provides an equity loan of up to 50 per cent towards an acquisition for those who would not normally be able to buy.

In 2009, the Department for Communities and Local Government announced its intention to inject more cash into the initiative.

Those looking for a loan to purchase a property could have a mortgage Q&A with a financial advisor to find out what their options are.

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