First-time buyers drive mortgage rise in November Ashley Brown, director of the independent mortgage broker Moneysprite, said the rise in first-time buyers was the "best indication ye" that the Funding for Lending Scheme was starting to work. "What began as mere mood music is turning into real momentum," he said. For months, lenders have been criticised for using the scheme's cheap money to repair their loan books, and accused of only cutting rates for borrowers with large deposits. That charge is now looking unfounded. With first-time buyers being tempted back into the market, the sector is finally picking itself off the ground. Though the message has come out slowly, the lenders are once again open for business for this key sector of the market. However, Howard Archer, chief UK and European economist at IHS Global Insight, said housing market activity was still relatively low and tough economic conditions were likely to limit the upside for house prices. "On balance, therefore, we expect house prices to be essentially flat during 2013," he added.