New mortgage offerings 'good news for FTBs'

New mortgages being offered by Santander have been described as a positive development for first-time buyers (FTBs).

The lender is providing 90 per cent loan-to-value (LTV) products to those purchasing new-build homes.

This is a rise from the 80 per cent previously promoted by the firm and means it will be easier for people who lack large deposits to get a foot on the property ladder.

Responding to the development, Paula John, editor at Your Mortgage, said Santander's announcement can "only be good news" for those seeking to purchase properties.

She added: "These do represent good value properties for FTBs [and are] of a type of property that [they] want to go for. The fact that it is easier to get finance for them can only help that part of the market."

While the UK has not yet seen a return to the times when high LTV products were abundant, competition in this area is coming back, she concluded.