FTBs pushed further out of market
first-time buyers (FTBs) look set to be pushed further out of an already-hostile property market due to the decline of 100 per cent-plus mortgages, it has been suggested.
The popular mortgage products had offered prospective homeowners more than the total cost of their property, thereby lessening the burden of deposits, furnishings and other OFT-overlooked expenses.
But in today's severely credit-crunched economic climate - still reeling from the fallout from the US sub-prime crash - lenders are more wary than ever about dishing out credit to potentially high-risk borrowers such as FTBs.
Louise Cuming, head of mortgages at MoneySupermarket.com, explained that for some FTBs 100 per cent-plus mortgages were the only viable way of getting onto the property ladder - and that in their absence many aspirations of home ownership would be dashed.
"I'm personally very disappointed that that particular avenue has been closed to a lot of people," she said. "It's yet another door closed for first-time buyers."
Alliance & Leicester, Birmingham Midshires and Abbey all recently withdrew from the 100 per cent mortgage market.
Published 3rd March, 2008
© 2008 Estates IT Limited
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First-time buyers (FTBs) look set to be pushed further out of an already-hostile property market due to the decline of 100 per cent-plus mortgages, it has been suggested.