‘First Time Buyers’ News
‘Not all doom and gloom’ for first-time buyers
Posted 2008-02-11
The housing market is not being closed to first-time buyers despite the ‘credit crunch’, say experts. Darren Cook, head of mortgages at Moneyfacts.co.uk, said the outlook for those looking to buy a home for the first time is not as bleak as it appears.He said lenders are still offering appropriate loans to those wanting to make an initial investment despite well-publicised fresh credit controls. He said: “It’s not all doom and gloom for first-time buyers, it’s just that in the current mortgage market, they are not sure what is going to happen so they are being a bit prudent.” Moneyfacts research showed 11 mortgage lenders have reduced their maximum loan-to-value available on mortgage products since December last year. Although there are less 100 per cent mortgages on the market, this is evidence of lender prudence rather than the closing off of the market to first-time buyers, Mr Cook added. ...
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Single men avoid house buying and couple up to get on the ladder
Posted 2008-02-10
Single men are shunning home buying but the number of couples buying houses is shooting up, figures say. Research by John Charcol revealed the number of first-time purchases by couples grew from 45 per cent in 2006 to 50 per cent in 2007.Katie Tucker, technical manager for the firm’s website, Charcol.co.uk, said the number of men buying alone fell to match this shift, while the amount of women purchasing homes on their own remained stable. Ms Tucker said: “Buying together is a very sensible choice in terms of affordability, not only for splitting the mortgage and the bills, but more cuddling up should save you on the heating.” She added couples should rent first however, to make sure the decision to live together is watertight. The Bank of England predicts demand for secured loans among British homeowners will rise in the first three months of 2008. ...
Read Single men avoid house buying and couple up to get on the ladder
Lending squeeze ‘could protect’ first-time buyers
Posted 2008-02-8
Tighter lending controls could end up helping out first-time buyers, according to one financial website. Moneyfacts.co.uk says those looking to buy a home for the first time could end up benefiting from the current economic climate. Bigger deposits or third party guarantees could now be needed for first-time buyers to get on the ladder.However, according to Darren Cook, head of mortgages at Moneyfacts.co.uk, this could end up helping to prevent them from over-committing themselves when buying. He said: “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.” Since December 2007 11 mortgage providers have slashed the amount of their maximum loans, say figures released by Moneyfacts.co.uk. ...