10
Feb
First-time buyers can get a good mortgage, says expert
First-time buyers have been advised that they may be able to obtain
a mortgage more easily than many people believe.
Simon Zutshi, founder of the Property Investors Network, noted that
activity in the mortgage market is currently low due to falling
prices.
But he explained that lenders are offering loan-to-value deals as
high as 95 per cent to those taking their first step on to the
ladder, meaning a large deposit is not necessarily needed.
"It is possible for first-time buyers [to get a mortgage] but the
general perception in the market is that first-time buyers wouldn't
want to do that," Mr Zutshi observed.
He added that as long as a property is purchased below its value,
now is "a pretty good time" for such investors to be in the
market.
Meanwhile, the latest figures from Halifax have revealed that
prices rose for the first time since February 2008 last month -
with the average cost of a home up 1.9 per cent.
