7 May

Property buyers 'finding it easier to access mortgages'

Property buyers 'finding it easier to access mortgages'

It is getting easier for people to access loans for the purpose of property purchase, it has been claimed.

According to Ben Wilkie, editor at What Mortgage, lenders are beginning to relax their criteria and it is now "fairly easy" for consumers to secure an 85 to 90 per cent loan-to-value deal.

This is particularly positive news for first-time buyers (FTBs), he noted.

Mr Wilkie added: "The second point is that FTBs now don't have to pay the stamp duty on properties up to £250,000, which is a good couple of grand saving."

This money can be put towards their deposits, he went on to point out.

The expert's comments followed the release this month of figures produced by Paragon Mortgages, which revealed that mortgage brokers expect to conduct 6.7 per cent more business in the second quarter of 2010 than they did during the first three months of the year.
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