Conditions for first-time buyers 'are improving'

Posted: 27 Aug 2010 09:07:36 GMT

Lending conditions for first-time buyers are improving slightly, one expert has suggested.

Managing director of FirstRungNow.com Helen Adams said the housing market is more accessible to those trying to get on to the property ladder for the first time.

"The lenders are giving a little bit more money and they are lending slightly more regularly now than they were, although they are charging quite a lot," she added.

Ms Adams noted first-time buyers had previously needed a 25 per cent deposit when trying to get a mortgage, but that appears to be lifting, as some lenders are now letting buyers put down ten per cent.

However, she did explain individuals who opt for such a deal will be charged more if they manage to get a loan with a small deposit.

The specialist's comments follow the release of figures from John Charcol, which revealed the number of first-time buyers applying for mortgages swelled by approximately 80 per cent in July.
 

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