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15 June 2006
Following its entrance into the niche market of first-time buyer mortgages earlier this week, has called Bradford and Bingley's (B&B) new product "clever" and "interesting".

B&B's first own-brand product for five years targets the market of professional trainees looking to gain a foothold on the property ladder, particularly solicitors, accountants and actuaries.

"[B&B] has cleverly recognised a more neglected target audience where borrowing could be enhanced by future earnings potential," said Louise Cuming, head of mortgages at

Despite welcoming the introduction of the product, which the price comparison website claimed would "drive down rates and create more flexible deals" Ms Cuming also claimed the deal may not be the best for all first-time buyers in these circumstances.

"Although the enhanced income multipliers on the B&B products at 100 per cent seem generous, first-time buyers could get a better deal at 95 per cent with lenders such as Cheltenham and Gloucester that utilise the [salary scale] affordability model.

"As always, those 'professionals' with a 5 per cent deposit or more should search the whole of market before committing to a first-time buyer specific mortgage," Ms Cuming added.

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