10 Feb

First-time buyers can get a good mortgage, says expert

First-time buyers can get a good mortgage, says expert

First-time buyers have been advised that they may be able to obtain a mortgage more easily than many people believe.

Simon Zutshi, founder of the Property Investors Network, noted that activity in the mortgage market is currently low due to falling prices.

But he explained that lenders are offering loan-to-value deals as high as 95 per cent to those taking their first step on to the ladder, meaning a large deposit is not necessarily needed.

"It is possible for first-time buyers [to get a mortgage] but the general perception in the market is that first-time buyers wouldn't want to do that," Mr Zutshi observed.

He added that as long as a property is purchased below its value, now is "a pretty good time" for such investors to be in the market.

Meanwhile, the latest figures from Halifax have revealed that prices rose for the first time since February 2008 last month - with the average cost of a home up 1.9 per cent.
ADNFCR-1222-ID-19018312-ADNFCR

Cookies We use cookies to ensure that we give you the best experience on our website. To find out more about our cookies policy, see our cookies policy here or in the footer.