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"Not all doom and gloom" for first-time buyers

Although lenders may be becoming more stringent in terms of lending criteria, it is "not all doom and gloom" for first-time buyers, it has been claimed.

In fact people buying a home for the first time may stand to benefit from the current economic climate, according to Moneyfacts.co.uk.

Larger deposits or guarantees from a third party may now be necessary for first-time buyers to get on the housing ladder.

However, this may serve to protect them from over committing themselves in a home purchase, according to Darren Cook, head of mortgages at Moneyfacts.co.uk.

"I think lenders are still supporting first-time buyers, they're possibly just being a little bit more prudent in how they advance their funds," Mr Cook said.

Since December last year 11 mortgage providers have reduced the amount of their maximum loans, according to figures from Moneyfacts.co.uk.

See how much you could borrow with a home loan from Lombard Direct.

© Adfero Ltd

08/02/2008 17:09:33

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