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First time buyers still finding it hard to get a mortgage deal

22/06/2009


A new report has suggested that first time buyers are still finding it difficult to land a mortgage deal.

Martin Gahbauer from Nationwide commented: "First-time buyers (FTBs) are finding it challenging to afford the deposits required by lenders."

He went on to say: "While house prices seem to have stabilised following recent falls, this is not due to an increased demand. "

He added further by saying: "For a real recovery to take place, you need a greater [number] of FTBs coming into the market because that is really what will provide the necessary injection of equity to get things moving across the entire housing chain."

Experts have said that not much money is available in the banking sector which is stopping financial institutions from lending as much as they like.

On the other hand, Helen Adams from FirstRungNow.com claimed that first time buyer mortgages are increasing.


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