First-time
buyers are increasingly facing financial pressures when trying to
find a mortgage, according to an expert.
Demand for
mortgages is outstripping supply, which is leading to many
first-time buyers struggling to afford a
mortgage, claims Neil Johnson, a spokesman for the
Building Societies Association.
However, some first-time buyers are still able to find a mortgage, by
borrowing money from
family or clubbing together, the expert states.
Furthermore, future changes in the
mortgage market, with new schemes becoming available, could see more first-time buyers able to find a mortgage within their means, he asserts.
The mortgage industry needs to take stock of the situation and create solutions, he continues.
"The first step is to recognise the scale of the problem," he remarks.
"There is
affordable housing for a small number of
people in a small number of professions, but I think everyone needs to realise that the problem is far greater than that."
An expert at
British waterways recently claimed that many first-time buyers are turning to
houseboats as an alternative to trying to find a mortgage .
