First-time buyers have a greater chance of obtaining a mortgage in the current market that many people believe, it has been suggested.
The Property Investors Network has noted that although lenders are being selective, those taking their initial step on the ladder can find good deals.
Founder of the website Simon Zutshi explained that parents' incomes are even being taken into account in some cases where affordability is an issue.
And with 95 per cent mortgages becoming available, he stated that particularly large deposits are not necessarily needed.
"It is possible for first-time buyers [to get a mortgage] but the general perception in the market is that first-time buyers wouldn't want to do that," Mr Zutshi remarked, adding that now is "a pretty good time" to be making a purchase, as long as it is made below market value.
The latest house price figures from Halifax revealed that the average price of a home in the UK is currently 17.2 per cent cheaper than a year ago.
See Also: Property News (6705)
Date Published: 11 February 2009
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