Positive outlook still on horizon for first-time buyers

Posted 2008-02-10

It is believed that people should still be able to invest in property in spite of the recent credit crunch.
The belief that now is not the time for first-time buyers to invest is not true stated Darren Cook, head of mortgages at Moneyfacts.co.uk.
Mr. Cook also asserted that it will be possible for people to make initial investments on property with support from lenders.
“It’s not all doom and gloom for first-time buyers, it’s just that in the current mortgage market, they are not sure what is going to happen so they are being a bit prudent,” he explained.
Moneyfacts research has shown that since December 2007, 11 mortgage lenders have reduced the maximum loan-to-value on offers for mortgage products.
The experts state that even though fewer loans for 100% of a properties value are available, this shows lenders are being cautious in the wake of the credit crisis, but is not necessarily a closing off of the market.
In fact, as the turbulence of the housing markets begins to settle, home seekers should be able to find some good deals on homes where sale prices have fallen.

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