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Mortgages Latest News Mortgage availability rise 'brings fresh hope for first-time buyers'

Mortgage availability rise 'brings fresh hope for first-time buyers'

Mortgage availability rise 'brings fresh hope for first-time buyers'

First time buyers have been given some encouraging news, after figures revealed the availability of mortgages is on the rise.

The number of mortgage deals on the UK market has grown significantly over the last month and lenders are continuing to relax their acceptance criteria.

Figures from financial information service Moneyfacts show that the number of deals now available has increased by 20% from the start of 2010, with many mortgage deals now requiring a deposit of as little as 10%.

Turbulent times caused by the credit crunch have been especially hard on first-time buyers who, were required to place large deposits down in order to secure suitable mortgages in order to get on the property ladder.

Many turned to their parents for financial aid, although the debt risks associated with high loan-to-value deals has dropped.

Since October, mortgage providers have continued to 'loosen up' on lending criteria, when 66 per cent of deals on the market required a deposit of at least 25 per cent, a figure which fell to 61 per cent at the beginning of the year, and down to 58 per cent at the start of this month.

Mortgage availability may have been affected by recent rises in property prices, cutting the amount of risk to lenders.

There are currently around 1,700 mortgage deals available, marking the highest number since November 2008, which suggests there is greater competition in the market

If lenders begin to raise the cost of their variable rate mortgages and choose certain deals to promote to those who are more likely to be considering remortgaging, this trend could continue.

Darren Cook, of Moneyfacts said: "Better rates and an increase in appetite to lend could indicate that lenders are opening their doors just a little wider and trying to compete for business.

"If standard variable rates continue to rise, many customers will be forced to find a better deal elsewhere and lenders may now be wise and gearing towards the prospect."

Ray Boulger, of mortgage broker John Charcol, said: "It is a continuation of the trend we have seen for the last three or four months, none of the cuts have been massive, with lenders cutting a few selected rates rather than all of their rates.

"The reason for the trend is due to a bit more competition in the market. We will see a bit more activity in the market this year."

Written by Sam Gooch
Friday, 05 February 2010 11:05
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