Restrictions on lending 'make it tough to find first-time buyer mortgages'

11-May-2010

Published by Joshua Scott

Although figures suggest the availability of home loans is becoming greater, the number of first-time buyer mortgages may actually be stalling.

Independent financial research company Defaqto notes the total number of mortgages on the market has risen to 2,948 from 1,686 in July 2009.

However, some 25 per cent of these are now available only to existing customers of a particular lender - ruling out the chance of them being snapped up by first-time buyers.

Now, some 25.7 per cent of deals by leading lenders are restricted to either existing mortgage borrowers, current account holders, members and other savers.

"There has been a noticeable move by the major lenders to launch mortgage deals that are only available to their current account holders," explains Kevin Bray, insight analyst for banking at Defaqto.

This may be bad news for first-time buyers previously pleased by news of a rise in the number of mortgages available and the increase of the stamp duty threshold for those making their first house purchase.

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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