4 Home Loans

Tightening credit should not make it impossible to get into a new home.So says Darren Cook, head of mortgages at Moneyfacts.co.uk. First time buyers are not as bad off as some may think.

It is still possible to find a lender to help with that first-time investment in property, he says.

First-time buyers seem to be very cautious in light of the uncertainty caused by current market and credit conditions, according to Mr. Cook.

In the past two months, 11 mortgage lenders have lowered their maximum loan-to-value on offer for mortgage products.

Mr. Cook believes that lenders, too, are taking more precautions so it is more difficult to find a loan for 100 percent of the property’s value. Still, there are plenty of opportunities for first-time buyers hoping to buy a home.

This entry was posted on Monday, February 11th, 2008 at 4:32 pm and is filed under First Time buyers. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.