FTBs "still struggling to find huge deposits required by lenders"
15-Jan-2010
A property expert has warned first-time buyers (FTBs) to "not be fooled" by statistics from the Council of Mortgage Lenders (CML) which suggest it is becoming easier and cheaper to buy a home for the first time.
The CML this week suggested that the proportion of income required to meet mortgage repayments is at a five-year low and that the number of FTB purchases is on the rise.
But Jonathan Moore, director of easyroommate.co.uk, says this is largely untrue, with most FTBs "still struggling to find the huge deposits required by lenders".
Buying a first home "is now proving even harder than earlier in 2009 as FTBs have missed out on the cheapest prices, are still finding mortgages hard to come by and have missed the stamp duty holiday", he explains.
The result is, according to the expert, that many would-be FTBs are being forced to remain in the private rental sector.
CML figures for November revealed that FTBs earning the average wage required 14.4 per cent of their income to repay mortgage charges compared with 15.1 per cent in October.
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Cash required for FTB mortgages 'at five-year low' Lending and stamp duty 'are still problems for FTBs'FTBs 'need 20% deposit to have choice on mortgages'
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