First-time buyers 'must remove mortgage generalisations'

17-May-2010

Published by Sam Franklin

First-time buyers may find the housing market is easier to access if they banish preconceptions from their mind.

According to new research by unbiased.co.uk, the average Briton believes it is only possible to borrow 3.3 times an individual's salary.

Other false beliefs include that of a 20 per cent deposit or more always being required and the idea the mortgage market has only slightly improved since early 2009.

Karen Barrett, chief executive of the website, says it is understandable so many people have their doubts about the availability of mortgages as the scale of the economic crisis has been great.

However, she adds: "In reality many lenders are now relaxing their lending criteria, offering now around four times or more an individual's income. It will be interesting to see whether public perception will keep up with these developments."

The return of 90 per cent loan-to-value home loans was recently widely reported.

How to buy a house from finding your first property, first time buyer mortgages, mortgage advice, shared equity, shared ownership, joint ownership, part buy part rent and HomeBuy. All a first time buyer could need as well as first time buyer news at FirstRungNow.com.

Conditions may be ideal for first-time buyers
Hips 'could be useful for first-time buyers'
First-time buyers 'should be aware of short-term mortgage fees'

2012: May | Apr | Mar | Feb | Jan

2011: Dec | Nov | Oct | Sep | Aug | Jul | Jun | May | Apr | Mar | Feb | Jan

2010: Dec | Nov | Oct | Sep | Aug | Jul | Jun | May | Apr | Mar | Feb | Jan

2009: Dec | Nov | Oct | Sep | Aug | Jul | Jun | May | Apr | Mar | Feb | Jan

2008: Dec | Nov | Oct | Sep | Aug | Jul | Jun | May | Apr | Mar | Feb | Jan

2007: Dec | Nov | Oct | Sep | Aug | Jul | Jun | May | Apr | Mar | Feb | Jan

2006: Dec | Nov | Oct | Sep | Aug | Jul | Jun | May | Apr | Mar | Feb | Jan

2005: Dec | Nov | Oct | Sep | Aug | Jul | Jun | May | Apr | Mar