Free Press Release Center Logo
   
  Home | About Us | Sample Press Release
  Press Release Articles | Press Releases and SEO | Press Release Book  
 

First-Time Buyers Face Challenge to Get a Mortgage

A recent report has shown that first-time buyers are not being given access to mortgages readily.

PDF  View as PDF  Print View   

March 21, 2013 (FPRC) -- A report by the Financial Services Authority (FSA) demonstrated that 2 per cent of mortgages approved during the final quarter of 2012 were to first-time buyers who had a deposit of 10 per cent and lower. At the beginning of 2012, 2.32 per cent of mortgages were granted to first-time buyers borrowing 90 per cent loan to value or higher. This figure further decreased to 2.08 per cent of borrowers being granted a mortgage by the end of 2012.

The number of high loan to value mortgage loans being approved for first-time buyers were at the same levels during 2012. Despite the rates for fixed rate mortgages falling to their lowest levels in years, first-time buyers with small deposit amounts were failing to get approvals and access to lower interest mortgage products being offered by lenders.

The Government launched the Funding for Lending scheme in September 2012 to encourage lenders to lend high loan to value mortgages to first-time buyers with small deposits. The scheme is also designed to lower the cost of mortgage products for borrowers to help get them onto the property ladder to buy new homes for sale. However, the initial funding has not reached borrowers with small deposits as widely as expected and they are still finding it hard to buy a new home.

It is also hoped that the Help to Buy Scheme, launched by the Government in the latest 2013 budget, will improve the access of mortgage lending to first-time buyers with a 5 per cent deposit.

Notes to Editors:
What House? is a leading property website that features thousands of new homes in the UK as well as new homes in Scotland. It also provides the latest property news, valuation of homes and property and mortgage advice. Over the last 31 years, What House? has held their annual What House? Awards, which are the longest established New Homes awards in the UK recognising UK house builders and developers across 21 categories.



Send an email to Sonya Bruce of What House?
02089180888

Recent Press Releases By The Same User

Boost in Property Market as House Prices Rise (Wed 15th Jan 14)

New Scheme Launched to Help Increase Housing Stock in England (Wed 15th Jan 14)

Help to Buy Scheme Gives 2000 House Buyers the Chance to Buy a New Home (Thu 12th Dec 13)

Third of Britons Pay Unaffordable Housing Costs (Thu 12th Dec 13)

Mortgage Lending Reaches a 5 Year High (Thu 12th Dec 13)

Scotland Reaches Crisis Point in New Homes Construction (Mon 9th Sep 13)



Press releases by industry
Advertising
Aerospace and Defense
Architecture
Arts and Entertainment
Audio and Video
Automotive
Baseball
Basketball
Beauty
Beverages
Business
Chemicals
Christianity
Communication
Computers
Consumer
Crops
eCommerce
Economy
Education
Employment
Energy
Environment
Events and Trade Shows
Fashion
Finance
Food
Football
Forestry
Golf
Government
Hardware
Healthcare
Holidays
Human Resources
Immigration Services
Information Technology
Insurance
Internet
Investment Services
Legal
Leisure
Lifestyle
Linux and Open Source
Maritime
Media
Non-Profit
Photography
Plumbing and Heating
Politics
Public Relations
Railroads
Real Estate
Religion and Faith
Restaurants
Retail
Science
Society
Software
Sports
Technology
Television
Toys
Trade
Transportation
Travel and Tourism
Trucking
Volunteer
Waste Management
Water

[ Vist our sister sites: Linux news | Bible Study Tool ]

Site design and layout copyright 2005-2015 Free Press Release Center