First-time buyers finding it easier
Those who have invested in a pool house, kitchen extension or other home improvement with the intention of selling their property at a profit may be interested in the latest comments from John Charcol.
According to the firm's senior technical manager Ray Boulger, it is now "slightly easier" for first-time buyers to get their foot on the first rung of the housing ladder.
However, the expert noted that conditions remain "very difficult" for buyers.
"If you compare the availability of higher loan-to-value mortgages - 80 to 90 per cent [LTV] - with where we were six months ago, it is significantly better and the pricing is better," he said.
Mr Boulger added that Brits could expect a "modest" increase in mortgage approvals in the number of first-time buyers in June, due to the Budget decision to increase the stamp duty threshold to £250,000 for those new to the market.
Recent statistics from the Council of Mortgage Lenders showed that first-time buyers in April accounted for the smallest percentage of new mortgage approvals since September 2007.
Posted by David Waxman
Decent time for first-time buyers
Homeowners planning to invest in a new bespoke conservatory or other home improvement to make their house more attractive to future buyers may be interested in the latest comments from MyMortgageDirect.The firm suggested that the financial...
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