First time buyers warned over credit restrictions

17-Sep-2007

First time buyers have been warned that lenders tightening up their policies may be less willing to extend cheap credit in future.

CreditExpert.co.uk has said that this problem will be compounded by existing borrowers coming to the end of their fixed-rate mortgage deals this year, and suggested that even slightly higher mortgage repayments could push homeowners into the red.

In the current climate, that would make a borrower unpalatable to almost all lenders, with CreditExpert suggesting that a well-maintained credit report would help matters.

"If your credit report shows that you are not keeping up with your current commitments, you become an unattractive proposition to lenders as they do not want to be responsible for lending you additional sums you may not be able to afford to repay," commented CreditExpert.co.uk managing director Jim Hodgkins.

Db mortgages, meanwhile, has announced that it is to no longer accept first time buyers as part of a review of its lending strategy.

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