Mortgages 'rising for first-time buyers'

by Christopher Evans

The number of lenders willing to offer mortgage deals to first-time buyers is rising, it has been stated.

Managing director of first-time buyer services provider FirstRungNow.com Helen Adams suggested that the lead taken by Halifax in providing mortgages with high loan-to-value (LTV) ratios is being taken up by Lloyds TSB and will be followed by others.

She said: "There's still further to go - obviously we don't want to see over-borrowing - [but] this is the beginning of people wanting to lend to first-time buyers, where they haven't done for a while."

Figures from price comparison website moneysupermarket.com revealed that a major reduction in the supply of mortgages with an LTV of 90 per cent or more has been a feature of the credit crunch.

The number of these available is currently 97 per cent lower than it was in January 2007.

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Published on: June 16, 2009

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