First time buyers are finding it increasingly difficult to get a mortgage United Kingdom and for many this means delaying their dream of owning their own home. Unless the buyer is willing to pay a larger down payment, it may be impossible to get a new mortgage United Kingdom at this time. This spells trouble for those that have not yet been able to put enough aside, especially after the past few years of 100% loans. Right now, the mortgage United Kingdom market is definitely difficult to break into for new buyers.
Melanie Bien, director of Savills Private Finance, a mortgage broker said: “It is harder than ever for first-time buyers to get on the housing ladder. Although property prices are falling, the combination of reduced maximum LTVs and income multiples is producing another hurdle which may be insurmountable without financial assistance from parents.”
John Dickie, director of strategy and policy at London First, said: ‘The capital is the engine of the UK economy. Action is needed now to keep the engine running.’ He said ministers should press on with infrastructure schemes including Tube renewal, the East London Line extension and Crossrail.
Related reading: Mortgages United Kingdom
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