New buy to let mortgage gives hope to some

First time buyers may have an answer to the question of how do I raise a deposit for the first rung of the property ladder? Answer: buy-to-let mortgages from companies such as Northern Rock, Mortgage Express, Barclays and Abbey Mortgages.

There is a new buy-to-let mortgage product that generates instant equity in rental property without the need for investment capital. New build property prices can often be negotiable and if the buyer negotiates a 15% "Builders Deposit" (New build). For second hand properties if you can get a "Gifted Deposit" - i.e. use the discount to finance 100% of the purchase price without investing a single penny.

How does this help a first time buyer? The Marketing Director of Let Mortgages stated: "Due to the high cost of entry into the UK property market, some first time buyers have resorted to purchasing cheaper rental property abroad with a view to reselling the property at a later date and using the profits for a deposit on a UK property."

The Marketing Director continued "But why take the risk of an overseas investment when you achieve instant equity in property closer to home. This buy to let mortgage product is extremely attractive to both investors and first time buyers, as it provides an opportunity to invest in the UK property market at zero cost."