UK Money News
29th February 2008
Mortgage moves 'make life hard for FTBs'
First-time buyers continue to find it difficult to get on the property ladder as house prices reach stratospheric levels, with the latest crack down by mortgage providers only likely to make things worse.
Louise Cuming, head of mortgages at moneysupermarket.com, says that the decision to withdraw a lot of 100 per cent-plus mortgages - which offered borrowers more than the total cost of their property - was "another door closed for first-time buyers".
"My personal view is that they were good products. I felt quite confident that the lenders were targeting the right people and doing the right credit checks," she explained.
"I'm personally very disappointed that that particular avenue has been closed to a lot of people."
Mortgage lenders withdrawing from the 100 per cent mortgage market include Northern Rock, Alliance & Leicester, Birmingham Midshires and Abbey.
The news comes as the Land Registry reports the average house in the UK now £186,045.
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