30 Sep

FTBs 'could be in a better position than two years ago'

FTBs 'could be in a better position than two years ago'

First-time buyers could be in a better position to purchase a house in 2009 than they were two years ago, if the comments of one property expert are to be believed.

Andrew Hagger from Moneynet.co.uk said that the current situation for buyers is not nearly as severe as some industry commentators have claimed - thanks to the fall in house prices seen in the last two years combined with the stamp duty holiday.

His comments follow an announcement by HSBC that it plans to inject a further £500 million into mortgages for house purchase up to 90 per cent loan to value (LTV), having lent £1 billion to people with higher LTVs so far this year.

"Monthly [mortgage] repayments could be £177 per month lower than if purchasing the same property at the height of the housing boom," explained Mr Hagger.

He added that borrowers and lenders alike should be focusing on the affordability of available mortgages rather than just the potential for the value of houses to fall further.


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