FTBs 'squeezed out of property market by lending restrictions'

24-Feb-2010

The Financial Services Authority is "slamming stable doors" in the faces of first-time buyers (FTBs), according to one blogger.

Ian Cowie, writing an article for the Telegraph, suggests the organisation is leaning on lenders in a bid to prevent them from handing out the sort of loans FTBs traditionally rely on to find the first rung of the property ladder.

While this is an "understandable reaction" in the aftermath of the credit crunch, Mr Cowie claims, it is throwing another obstacle in the path of would-be FTBs.

As such, many could turn to alternative schemes - such as shared mortgages or shared equity deals - as a way of securing their first house.

Speaking of low-deposit home loans - which in the past have been popular with FTBs - Mr Cowie states: "There is no reason why regulators should intervene to prevent people seeking the rewards these loans generated for many during recent decades."

FirstRungNow managing director Helen Adams recently suggested that many mortgage lenders are failing to entice FTBs to enter the property market.

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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