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Fall in 100pc mortgage affecting first-time buyers
03 March 2008
First-time buyers look set to continue to struggle to get a foot on the property ladder as lenders slash the number 100 per cent mortgages available.
Figures from moneysupermarket.com show that fewer loans of this type – which would make buying a home much easier for young buyers – are accessible.
The credit crunch have seen Northern Rock, Alliance & Leicester, Birmingham Midshires and Abbey leave the 100 per cent mortgage market – leaving first-time buyers struggling to raise a deposit alone.
Louise Cuming of moneysupermarket.com said that she believed 100 per cent mortgages were an "excellent way to get onto the housing ladder".
"It's yet another door closed for first-time buyers, which is making it harder and harder to get new lifeblood into the mortgage industry," she added.
Property experts Firstrung say, however, that the housing market is looking positive for first-time buyers, with the price dip giving them the opportunity to purchase property.
Paul Holmes, chief executive officer of Firstrung said: "First-time buyers excel and thrive in the dips."
