Financial Advice UK - Mortgages News - Mortgage Market Rejecting First Time Buyers

News that Alex Salmond, the leader of the ruling SNP in Scotland, has been somewhat liberal with his recent comments about housing budgets and assistance has caught the attention of opposition...
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Mortgages News - Last Updated Thursday 10th July 2008

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Mortgage Market Rejecting First Time Buyers

Thursday 10th July 2008

As the credit crunch continues to roll on it is becoming more and more apparent that first time buyers are being rejected and neglected by an ever more choosey mortgage finance sector. Not only are many house prices still out of the reach of first time buyers, but there is growing evidence that the level of deposits required for a successful mortgage is still rising. So as the need for a larger deposit rises, more and more first time buyers are looking elsewhere. But where?

Many first time buyers are now being forced into the property rental market, a market which has been fairly strong in the UK over the last few years. One of few ports in a storm available for those wishing to move into a new home, it will mean that many will be forced to save up for years to actually be able to purchase their own property.

The market for first time buyers has been very difficult in the UK for some time although many thought that the fall in the property sector would pull some back into the fold. Unfortunately for the majority, the opposite is true with affordable mortgages even further away for the vast array of first time buyers.