Mortgages 'at affordable level'

Posted: 18 Jun 2009 12:33:51 GMT

People looking for their first property are able to find "relatively affordable" mortgages on the market at present.

That is the opinion of DTZ Residential chairman Peter Braithwaite, who also suggested that people's desire to own a home is "enshrined in the UK property market".

The property and financial organisation representative also claimed it would take a "major change" in the whole housing sector for renting a home to become the favoured way of living, rather than homeownership.

"At present, an owner refers to the fact that 'I have a place in Chelsea', and someone renting says, 'I rent a flat in Chelsea'," Mr Braithwaite explained, suggesting that there are different connotations linked to each type of residence.

Earlier this week, FirstRungNow.com managing director Helen Adams predicted there will be more mortgages available to first-time buyers in the coming months, as lenders will follow Halifax's and provide higher loan-to-value products.


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