Mortgage lenders move to attract first-time buyers

 

 

Among the crippling array of problems facing first-time buyers is the lack of mortgage availability. With lenders having long ago tightened their criteria it is next-to-impossible for prospective homebuyers to find a cheap, affordable mortgage that doesn't require a deposit of 20% or more.

 

But is hope at hand? According to Moneyfacts, the mortgage market has seen a gradual increase in the number of lenders offering higher loan-to-value (LTV) products, providing some relief to borrowers with limited deposits.

 

Some lenders – caught between contining to lend responsibly and offering greater access to loans to first-time buyers – have also been launching products specifically tailored to help first-timers get a loan through means other than a high LTV ratio.

 

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