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Mortgages more accessible to first-time buyers?

16/03/11
Edited by Bob Witham

A growing number of decorators in Newport and other areas on the UK could find they are being called upon to give a fresh lease of life to newly purchased homes.

This is because, according to head of marketing at Metropolitan Home Ownership Jim Munson, the mortgage market appears to be improving for first-time buyers.

He noted that the situation could make it easier for individuals to purchase a property.

Because they do not require a large lump sum or a loan from their parents, being able to afford monthly payments is sufficient.

Furthermore, rising interest rates could be an advantage to first-time buyers, Mr. Munson continued, as they will mean prices decline.

This may "lower the ladder for many who have previously been priced out", the expert remarked.

His comments come after Lloyds TSB announced the launch of its Local Lend a Hand concept, which is aimed at helping first-time buyers secure a property with a deposit of five per cent.