As the housing market continues striving towards recovery, a group of buyers still need extra help to obtain that first piece of property. That is the first-time buyer. Several new products are being introduced to assist those buyers get their foot onto the property ladder.

Halifax, Newcastle Building Society, and HSBC are 3 of the latest to step up and offer some innovative products.

Commercial director at Halifax, Stephen Noakes, discussed the first time buyer’s role in the housing industry, saying: "First-time buyers are an important part of the housing market and while they are benefitting from the best monthly mortgage afford ability in over a decade, buying a first home has always been an expensive process where every penny counts.

"Providing support to first timers by paying the fees on this product means that buyers can put that money to use supplementing their deposit or purchasing furniture or white goods for their new home. We're committed to offering our customers flexible and competitive products to help them achieve their home ownership ambitions."

Andrew Hagger, of Moneynet.co.uk, commented on the new products and the first time buyer’s ability to take advantage of them, saying: "Mortgage providers are making the right noises, but I can imagine take-up of these new products will be quite low as first-time buyers still face tough credit-scoring conditions.

"Also, it costs lenders much more to offer 90% LTV products as they now have to keep higher reserves on their balance sheet if they offer higher-risk loans, so I doubt there will be a sudden flood of products. I'm not sure anything we're seeing launched this week will be enough to kick-start the mortgage market."