'Good mortgage deals still available'

27-Oct-2008

First-time buyers (FTBs) with good credit ratings can still find attractive deals on the mortgage market, an expert has said.

Mortgage industry expert Julia Gleave, writing in a blog at Articlesbase, argued that contrary to popular belief, there are good mortgage products available despite the effect of the global credit crunch on the UK property market.

"For people with good credit records, securing a good new mortgage deal is unlikely to be a problem," Ms Gleave said.

FTBs are advised to ensure that their good credit rating remains intact while applying for mortgage products.

New homebuyers might also be able to benefit from falling house prices. Figures released by the Centre for Economics and Business Research expect a 25 per cent fall in the value of the average UK house over the next 12 months.

Mortgage lending figures cited by Ms Gleave noted that total mortgage lending was at £4.3 billion in the six months to July 2008, down just slightly - despite the impact of the credit crunch - on the £4.8 billion total recorded for the previous period.

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