13 Feb

Mortgage lenders loosening purse strings, expert says

Mortgage lenders loosening purse strings, expert says

Finance is beginning to become more readily available for first-time buyers, according to one expert.

Former president of the National Association of Estate Agents Richard Hair stated that those thinking of making a purchase are finding that high deposits may no longer be needed.

While they previously may have had to produce as much as 30 per cent of the property's value, he explained that lenders are "easing" their requirements.

"The loosening of the purse strings is certainly making life that little bit easier for the first-time purchasers that do want to get into the market," Mr Hair remarked, adding that there are "plenty" of buyers waiting to make a step on the property ladder.

According to Royal Institution of Chartered Surveyors figures, 16 per cent more of its members have reported a rise in interest from potential buyers than a fall, with optimism that sales will soon improve also increasing.
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