Mortgages becoming 'slightly easier for first-time buyers'

Posted: 17 Jun 2010 11:49:31 GMT

Mortgages for first-time buyers are becoming slightly easier to access due to more companies offering high loan-to-value (LTV) deals, according to one expert.

Ray Boulger, senior technical manager at John Charcol, suggested the fact there are more 80 and 90 per cent LTV mortgages on the market is giving first-time buyers more choice.

He said: "If you compare the availability of higher loan-to-value mortgages ... with where we were six months ago, it is significantly better and the pricing is better."

However, he believes there will continue to be a relatively low proportion of first-time buyers until lenders make it easier for people to get hold of a mortgage.

Mr Boulger was speaking after results from the Council of Mortgage Lenders showed the percentage of properties being bought by first-time buyers in April was at the lowest point since September 2007.

In April these buyers accounted for 35 per cent of the market, which was down four percentage points from the previous month.


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