'Times still tough' for first-time buyers
This year could still be difficult for first-time buyers when it comes to taking their first steps on to the property ladder, it has been reported.
According to the Daily Mail, this will be because of the difficulty such buyers experience when it comes to securing a mortgage in order to fund their first house purchase.
Without a sizable deposit, the news provider asserts first-timers may not be able to access the funding they will need to get on to the property ladder, despite the fact that mortgage rates are falling while house prices are remaining low.
David Hollingworth, mortgage expert at London and County, told the news source first-time buyers should expect to save a deposit of at least 15 per cent or they will have "little chance" of obtaining a loan.
flats to rent in Kensington or another part of London could allow Britons to enjoy living in the capital, while they save a deposit to secure a mortgage.
And they may even decide against buying altogether, as property prices in the city are typically higher than elsewhere in the UK.
Written by Charles Mackay
Published 7th January, 2010
© 2010 Estates IT Limited
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First-time buyers are likely to continue to find it difficult to secure a mortgage in 2010, it has been said - which may prompt them to consider property to rent in London instead.