First-time buyers are exploring all their options

First time buyers are becoming more desperate to find cheap mortgages in order to get on the housing ladder, it has been claimed.

Helen Adams, managing director at FirstRungNow.com, said that more and more young people are exploring all possible routes to homeownership rather than just going to the bank for cheap mortgages.

New figures from Halifax show that houses built under low-cost home ownership LCHO schemes totalled 13 per cent of all private enterprise and housing association sales in 2009/10, up from the eight per cent seen before the financial crisis.

"I think that first-time buyers at the moment are looking at all options that are available to them – both special mortgages from lenders and government schemes – out of desperation because it is so hard to get onto the property ladder without some sort of assistance," Ms Adams said.

However, she added that affordable housing schemes need to become simpler and less convoluted so that first-time buyers will show more interest in them.

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2011-08-23 12:45:04 © Moneyextra.com