First-time buyers' mortgage situation "changed significantly"
The situation surrounding mortgage affordability facing first-time buyers in the UK has changed, according to a finance research specialist.
Figures from Defaqto revealed that gross lending for the first quarter of 2010 was an estimated £29.5 billion, which represents a 24 per cent decrease from the final quarter of 2009 when the number was £38.9 billion, Mortgage Strategy reports.
David Black, a banking specialist with the firm, said that three years ago buyers were faced with little difference between interest rates, whether the deposit was ten per cent or 25 per cent.
"Since the credit crunch hit, the situation has changed significantly and those seeking higher LTV mortgages are now having to pay much more," he added.
Furthermore, recent figures from also suggested that many people who are looking to purchase a home could be forced to shell out, on average, more than £50,000 on a deposit.
These comments about the continuing difficulties facing first-time buyers may encourage more people to look for property to rent in the London borough of Harrow, or elsewhere in the UK, instead.
By Charles Mackay
Published 27th April, 2010
© 2010 Estates IT Limited
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Comments from a financial expert that first-time buyers may find it difficult to get on to the housing ladder could encourage more people to look for property to rent in the London borough of Harrow, or elsewhere in the UK, instead.