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'Easier' for first-time buyers to get mortgages
It has become "slightly easier" for first-time buyers to access mortgages, according to an expert.
Ray Boulger, senior technical manager at advisory firm John Charcol, made the comment despite figures suggesting that mortgage approvals for such consumers have fallen to a two and a half year low.
The expert outlined that he believes conditions are improving as the availability of higher loan-to value deals has risen, while the pricing has also become more reasonable.
He added: "There wasn't a huge difference between March and April, but if you compare the availability of higher loan-to value mortgages – 80 to 90 per cent – with where we were six months ago, it is significantly better and the pricing is better."
Mr Boulger's comments have come after figures from the Council of Mortgage Lenders revealed that a total of 40,000 loans were advanced for house purchase in April 2010, which was down by nine per cent from March.