FirstRungNow: Mortgage lenders failing to entice FTBs

03-Feb-2010

An increase in prices coupled with the continuing reluctance of mortgage lenders to offer attractive deals to first-time buyers (FTBs) will see the struggle to get on the first rung of the property ladder go on, according to FirstRungNow

Helen Adams, the firm's managing director believes that prices will continue to rise - albeit at a slower rate than has been predicted.

The Centre for Economic and Business Research said this week that it expects the cost of buying a home to rise by six per cent this year, with a 20 per cent growth forecasted by 2014.

"It is disappointing because prices are going up but mortgage lenders are yet to come up with much of an offering for FTBs," Ms Adams states.

She goes on to reveal that the result of this is "difficulty" for FTBs hoping to enter the bottom of the ladder.

The CEBR's prediction is based on an increase in mortgage approvals materialising, reaching 72,000 a month over the course of 2010.

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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