Barney McCarthy from Which? Mortgage Advisers said:
“While the launch of the Help to Buy scheme has offered some encouragement to those looking to take their first step on to the property ladder, it is not the only – or necessarily most competitive – option available and our research shows that it is still less than clear where first-time buyers can find the most suitable mortgage for their circumstances.
“Only a handful of lenders are offering Help to Buy-backed mortgages at the moment and when you factor in the existing range of first-time buyer products from other lenders such as guarantor mortgages – as well as a number of other 95% LTV home loans – it’s not immediately apparent what the best option is.
“To this end, we would always recommend that borrowers shop around and seek independent, impartial mortgage advice to help navigate the mortgage maze.”
*Contact press office for background information that includes illustration of alternative first-time buyer products available. Tel: 07970 132811