31 August 2010

Conditions in the UK housing market are improving for first time buyers, with mortgage lending more and more accessible for these home buyers.

A recent report* have shown that lenders are now more likely to lend to first time buyers. Whereas previously people who had never previously purchased required at least a 25% deposit, now some lenders are offering packages with the initial fee just 10% of the property’s value.

People who do opt for these low deposit schemes will be charged more in repayment fees over the course of the loan.

This report comes following the release of figures from John Charcol, who indicated that in July there had been a 80% rise in the number of first time buyers making mortgage applications.

*Reports by FirstRungNow.com

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