Mortgages are becoming increasingly more expensive for first-time buyers (FTBs), new data shows.
It is also becoming more and more difficult for FTBs to make their entry into the property market, pointed out Catherine Hearnden, director of MyMortgageDirect.
This was mostly due to new buyers not having access to a large enough deposit, as even small differences such as a 15 per cent deposit compared to a 20 per cent one can have significant impact on their mortgage applications, she said.
"We need to find a happy medium between just giving money away to anyone with hardly any deposit and looking at perhaps a different way of credit scoring [and] applications for first-time buyers who haven't got a credit history," Ms Hearnden added.
Recently, reports published by the Daily Telegraph showed that those looking to purchase their first homes often end up paying £2,000 more in comparison to other property buyers.  |
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