15 Mar

First-time buyers finding improved lending conditions

First-time buyers finding improved lending conditions

The lending conditions for those looking to buy their first piece of property are now improving as more banks see positives in lending money to help boost the market.

Tim Lambert, head of investment property at Parallel Investment Management, said that banks are looking at certain areas of financial uncertainty, and moving their focus to property because they see it as less of a risk.

He added that the reason for this is because most lenders see the property market as having gone through its worst patch already, and now feel like it can only get better.

"Consequently, if a borrower defaults and they repossess, they can be confident in the asset they are lending on."

Schemes like NewBuy and mortgage indemnity products could also be providing lenders with a safety net, as they find themselves insured in the event that a mortgage holder defaults on their monthly borrowing.ADNFCR-1222-ID-801318616-ADNFCR

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