The
mortgage market is adapting to meet the needs of
first-time buyers, an expert has claimed.
Although
house prices are continuing to rise in the
UK, many first-time
buyers are still able to
find a mortgage, due to the changing nature of the market, Ray Boulger of
John Charcol has stated.
Mr Boulger, a spokesman at the
mortgage lender, asserted that higher
income multiples available to first-time buyers will make it easier for them to find
a mortgage .
"
Lenders will now lend at much higher income multiples," said Mr Boulger.
"Fifteen years ago a single person
buying a house would be able to borrow three and a half times their salary.
"A person who has got no
financial commitments can now get five times their salary."
Figures from the Council of
Mortgage Lenders indicate that first-time buyers are now lending more than three times their salary on average.
Mr Boulger recently commented that
mortgage affordability is "not going to get any easier" for borrowers in the UK, but the number of new options becoming available could make it easier to find a mortgage.
