2 Mar

Improved lending to first-time buyers in 2011

Improved lending to first-time buyers in 2011

First-time buyers hoping to buy houses for sale in 2011 could benefit from increased competition in the mortgage market.

New deals aimed at people trying to get onto the property ladder are beginning to enter the market, according to FirstRungNow.com.

The site says lenders will approve more mortgages in the coming year to build up their reserves.

Helen Adams, managing director at FirstRungNow.com, said: "There are some specialist mortgages that have come out which we had several years ago – lots of different first-time buyer mortgages.

"Mortgage lenders [are] beginning to come up with new deals."

Lenders may be more picky about who they lend to, but overall lending will increase, she added.

First-time buyers might benefit from increased mortgage lending from mutual lenders in 2011.

According to the Building Societies Association, gross mortgage lending by mutuals was £1.4 billion in January – 38 per cent higher than the £1 billion lent in January 2010.ADNFCR-1222-ID-800438625-ADNFCR

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