First time buyers struggle to get mortgages approved



First Time Buyers Finding it Difficult to Access Mortgages

First Time Buyers Finding it Difficult to Access Mortgages

People trying to access the mortgage market for the first time are still struggling to get their loans approved, a financial portal has claimed.

FirstRungNow.com, the financial advisory services website noted that mortgage loan still remains difficult for people trying to get on the property ownership ladder.

The website’s report comes close on the heels of a recent report published by Halifax claiming that owning properties in UK’s biggest cities are easier now than it was a few years ago.

The Halifax report claimed that with a budget of £150,000, people can afford a semi-detached home in five of the top ten cities in the UK. The same amount would have bought a property in one out of the top ten cities in the UK in 2007.

Helen Adams – the managing director of FirstRungNow.com said: “In theory, with house prices sticking and perhaps steadying up a little bit, then the ratio of house prices to salary is a bit better than it was (before).

“But that doesn’t take away from the fact that despite properties coming down in price, first time buyers still can’t get mortgages very easily from lenders”, she added.

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