First-time buyers struggling due to criteria
Homeowners hoping to use their new bespoke conservatory to attract first-time buyers may be disappointed to hear the latest comments from John Charcol.
The firm suggested that those with a lower deposit may still struggle to get a mortgage, despite some lenders offering higher loan-to-value deals.
Senior technical manager Ray Boulger explained that it is much more difficult to get such mortgages approved.
"The proportion of applications that get rejected is much higher than people who are looking to borrow 75 per cent," he said.
Mr Boulger added that one of the main reasons is that many first-time buyers do not have a good credit score "due to their lack of previous borrowing".
The expert predicted that it is unlikely that things will get better for first-time buyers in the near future.
Meanwhile, a Zoopla report showed that lenders' strict criteria remain the largest barrier on the housing market, with 77 per cent of people believing that restrictions are a threat to the industry's recovery.
Posted by David Waxman
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