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Check out the incentives for first time buyer mortgages in the UK

Since the credit crunch, lenders have made things very tough for a first time buyer looking for mortgages in the UK. Even with interest rates at rock bottom, finding a deposit to buy an average priced property can still be tricky. There are glimmers of hope though. We looked at some of the incentives for first time buyers that are now on offer.

Nationwide (www.nationwide.co.uk) offers a range of special deals for first time buyers, including low deposit deals, discounts on selected product fees and more.

Their Save to Buy scheme allows borrowers to save for a 5% deposit mortgage when they have held a Save to Buy savings account for 6 months or more and have paid in regular deposits.

The Halifax (www.halifax.co.uk) has a similar scheme called the Head Start Home Saver mortgage. Pay in at least £150 every month to a savings account for 10 out of 12 months, and Halifax will give you £600 when you take out a first time buyer mortgage with the bank.

If the deposit is still the daunting obstacle, there may be ways around it. It will be a while yet before the 100% mortgage returns to the High Street, but Aldermore has dipped a toe in the water. Its 100% loans come with some pretty stringent conditions, though, the main one being the shared liability for the debt by the borrower's guarantor. You'd need some pretty understanding family members before you contemplated this deal.

For more information and updates on the latest deals for first time buyer mortgages in the UK, check consumer websites like www.yourmortgage.co.uk.

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