Will mortgages be more affordable this year?
first-time buyers could find they are in a better position to purchase a property during 2010 as mortgages become more affordable.
Indeed, Katie Tucker, technical manager at mortgageforce, said the main force driving this will be increased competition among lenders after being cautious during 2009 and refusing loans to "perfectly legitimate borrowers".
"We've already seen loans-to-value improving, so that will get better. We will start seeing decent 90 per cent deals at an affordable level - around five per cent - from most lenders," she added.
However, Britons who are planning a move to London may find that owning their own home is still out of reach, with property prices in the capital typically significantly higher than elsewhere in the UK.
Due to this, they may instead wish to consider flats to rent in Shoreditch or another part of London, which could be a more affordable option.
The British Bankers' Association recently revealed lending for house purchases rose in the latter part of 2009.
Written by Martyn Glynn
Published 6th January, 2010
© 2010 Estates IT Limited
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Mortgages could set to become more affordable this year, but people looking to move to the capital may be put off by high house prices and instead choose property to rent in London.