First time home buyers forced to rent
February 25th, 2009 by Lianne
There are larger numbers of first-time home buyers who are now looking to stay in the rental arena at least for the foreseeable future whilst the government carries on with its crackdown on the high loan-to-value LTV mortgage products.
A number of industry professionals have said that products like Northern Rock’s 125% mortgage were a major cause for the economic troubles in the UK and many lenders that were keen to protect themselves from accruing bad credit through giving loans to only those people who have significant amounts of equity.
Gordon Brown further reiterated the calls for “greater responsibility” within the housing sector which had meant that potential first time buyers would have to continue to take out storage solutions and remain in rented accommodation for the time being.
The CML, Council of Mortgage Lenders have put pressure on for more restraint in the market, claiming that it is no time to have a “backlash” against the affordable mortgages and further claiming that 100% LTV products would be beneficial to the state of the market.
Those people who are still unable to obtain a mortgage can make use of safe storage and stay in rental property until the deposit is large enough to purchase a property.
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This entry was posted on Wednesday, February 25th, 2009 at 9:42 am and is filed under General. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.
April 26th, 2009 at 6:32 pm
[...] A number of industry professionals have said that products like Northern Rock?s 125% mortgage were a major cause for the economic troubles in the UK and many lenders that were keen to protect themselves from accruing bad credit through … more… [...]