Mortgage market 'more accessible for all borrowers'

Posted: 05 May 2010 10:24:14 GMT

The mortgage market is becoming more accessible for all borrowers, one expert has suggested.

Richard Morea, from mortgage broker London and Country, told the Daily Mail: "Things are getting easier for all borrowers - including first-time buyers. Now we are seeing more competition for those with 10 per cent deposits, which is starting to drive rates down."

His comments came in response to last week's announcement that Britannia and the Co-op were set to launch a range of both fixed and variable-rate home loans for those needing a 90 per cent mortgage.

However, Mr Morea went on to add that the market is still tough for first-time buyers, with lenders still restricting home loan products for potential purchasers with small deposits.

A spokesperson for the Council of Mortgage Lenders recently stated that many people who are thinking about moving house are currently holding off due to uncertainty surrounding the upcoming general election.

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