First-time buyers 'set to face bigger obstacles'

03-Mar-2010

First-time buyers face a number of obstacles in their quest to secure a home, according to Liberal Democrat shadow chancellor Vince Cable.

Discussing his view of the mortgage market in an article for the Council for Mortgage Lenders, Mr Cable asserts that there is "a temptation" to believe the financial crisis has passed.

However, many mortgage payers are struggling to find repayments and repossessions are predicted by the CML to total 53,000 in 2010.

Mr Cable says: "A revival of asset prices may help the banks' beleaguered balance sheets but creates bigger obstacles to first-time buyers and those on modest incomes."

Despite the troubles, banks are beginning to relax their lending criteria, although first-time buyers remain well down their list of favoured borrowers.

Nationwide this week revealed that house prices in Britain fell by an average of one per cent in February.

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.

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