First time buyers could be on the move

Estate Agent Today report that Connells have "stolen a march" on competitors by offering a 95% LTV mortgage exclusively to first time buyers.  The deal is only available through their branches but comes shortly after the announcement from Northern Rock that they are launching a 90% LTV mortgage.
Connells’ parent company, Skipton Building Society, is behind the Connells mortgage but at 6.49% the loan will not be cheap. 
Ross Bowen, Group Mortgage Director for Connells, said: “I am delighted with this ground breaking initiative.”
Paul Darwin, Skipton’s Head of Intermediary Lending said: “This is the first time Skipton has offered a 95% LTV product specifically aimed at helping first time buyers via the intermediary channel since 2007.”
Is this the news that first time buyers have been waiting for?  Let’s face it nobody else can move if the first time buyer can’t obtain mortgage finance so this has to be good news all round doesn’t it?
You can read the full article at Estate Agent Today here.
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