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First-time buyers “struggling” to get mortgages

June 14, 2008 by admin  
Filed under News, News-Mortgages

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People looking to secure funding to get onto the are more likely to have difficulties than those in more established jobs and who have bigger deposits to put down, according to Cobalt Capital partner Andrew Montlake.

Speaking on BBC Two’s ‘Working Lunch’, Mr Montlake noted that first-time buyers often find it more of a struggle to get a mortgage approved because they tend not to have a “very big deposit”.

In contrast, he remarked: “It’s those applicants who have a decent deposit, they’re not looking to stretch their income too much and also they haven’t got any credit problems.”

Mr Montlake that those who are likely to find it easier to get a mortgage are these people who lenders view as “quality” applicants.

In related news, the Association of Mortgage Intermediaries has revealed that a growing number of consumers are turning to professionals for expert advice on mortgages.

Tags: Association of Mortgage Intermediaries, working lunch, Mortgages, first time buyer, credit problems, lenders

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