There have been a number of positive signs for first-time buyers looking to get a foot on the property ladder and access a mortgage, it has been suggested.
Andy Pratt, chief operating officer at Alexander Hall, explained high street lenders are entering the home loan market with higher loan-to-value (LTV) products.
The industry figure noted this can be good news for people eager to secure a dwelling for the first time, giving Woolwich’s recent 90 per cent LTV offering as an example.
However, Mr Pratt warned it is still a 20 per cent deposit in order to get a decent mortgage and added: “It is about looking around and trying to find some bargains and some opportunities [to save money] without getting disappointed about it.”
Those hoping to find an affordable home loan next year may therefore want to make sure they do not overspend this Christmas and damage the likelihood of entering the market in 2012.
Mr Pratt’s comments come after recent data released by the Council of Mortgage Lenders revealed monthly mortgage payments for first-time buyers dipped significantly in October this year.
