Mortgage lenders open doors to first time buyers
Ben Wilkie, editor at What Mortgage, was commenting on recent Moneyfacts research which showed that there are more 85 per cent loan-to-value deals on offer for first-time buyers today than there were 12 months ago.
"What we have seen in the past year or so is that lenders don’t really want to take on new mortgage borrowers, but that is starting to change," Mr Wilkie claimed.
He explained that although the number of low-deposit mortgages is not at the same level as 18 months ago, there are even some 90 per cent loan-to-value deals being offered by some companies.
"It is a positive sign," he added.
Recent research from the Land Registry showed that average house prices were up to £158,377 in September, which could affect first-time buyers looking to purchase a property
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